Azim Premji's eldest son Rishad appointed to Wipro Board

Wipro, the country's third-biggest software services exporter, has elevated Rishad Premji, the eldest son of the company's founder Azim Premji to its Board of directors, a move that brings the heir apparent closer to the top job.

Harvard Business School-educated Rashid, who is the chief strategy officer (CSO), will join the Board from May 1, the company said in a statement.

While Azim Premji has always maintained that Rishad will not be appointed chief executive, the industry buzz has been that the son is being groomed for the post.

Azim Premji took over his own father's ailing vegetable oil business in the mid-1960s and diversified into making hydraulic cylinders in the 1970s and struck out into information technology in 1980.

Since joining the firm in 2007, Rishad has moved from heading special projects in the banking and financial services vertical to CSO three years later. Apart from investor and government relations, Rishad was also given the reigns of the CTO office earlier this year.

He is already on the Board of Wipro Enterprises, the FMCG and infrastructure engineering arm, as well as Wipro-GE (joint venture between Wipro and General Electric in Healthcare).

He is also on the Board of the Azim Premji Foundation.

In 2014, Rishad spearheaded the setting up of Wipro Ventures, a $100-million fund focussed on investing in new age start-ups building cutting edge technologies.

Prior to joining Wipro, Rishad worked with Bain & Co and had also been associated with GE Capital in the US.

"Rishad will continue to run strategy and mergers and acquisitions in addition to his new responsibilities overseeing the Technology Office, Investor and Government Relations and Wipro Ventures", the statement added.

Wipro independent director and chairman Board Governance and Nomination Committee Ashok S Ganguly said, "He (Rashid) brings a unique blend of exceptional strategic insights, understanding of the technology landscape and diverse business expertise. These past eight years have given Rishad an in-depth view of the organisation and makes him well positioned to guide Wipro and carry the mantle of ownership in the years ahead."

Azim Premji directly owns 3.78 per cent in the company while entities related to him own close to 70 per cent. Rishad had a direct ownership of 0.03 per cent shares in Wipro at the end of March 31.