Three Independent Directors To Quit Wipro Board

by CXOtoday News Desk    Jun 27, 2014

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India’s third largest IT company Wipro announced three of its 10 independent directors will be leaving the company, a move that it said will help the IT major align with the new regulations and also appoint fresh faces.

According to a report, BC Prabhakar and Shyam Saran would not seek re-election at the time of company’s annual general meeting on July 23, while the third independent Dr Henning Kagermann would leave the board on June 30.

“I wish to thank BC Prabhakar, Shyam Saran would not seek re-election at the time of company’s annual general meeting on July 23, to pursue other personal and professional interests, while Kagermann has expressed his intent to resign in keeping with the regulatory requirements in Germany and would leave the board on June 30, Wipro said in a statement.

“I wish to thank BC Prabhakar, Shyam Saran and Dr Henning Kagermann for their invaluable contribution to Wipro over the years. The company has immensely benefited from their deep insights and vast experience. I wish them all success in their future endeavours,” said Azim Premji, Chairman, Wipro Ltd.

Wipro’s other existing independent directors who will be re-appointed as independent directors at its Annual General Meeting on July 23, 2014, are: Ireena Vittal, Vyomesh Joshi, M K Sharma, Bill Owens, N Vaghul, Ashok Ganguly and Jagdish Sheth.

Last month, Infosys too announced that two of its six independent board members, Jeffrey Sean Lehman Omkar Goswami would also be not up for re-election as the New Companies Act 2013 limits tenure of an independent director to two consecutive periods of five years each.