Rishad Premji, 29, the eldest son of Wipro Ltd. chairman Azim H. Premji, has finally joined the IT firm after his appointment was approved by the company.
BANGALORE: Rishad Premji, 29, the eldest son of Wipro Ltd. chairman Azim H. Premji, has finally joined India's third largest IT firm after his appointment was approved at the company's annual general meeting (AGM).
"Yes, he (Rishad) joined the company Wednesday as our new employee. He has been appointed in our flagship global IT services and products division," the elder Premji said Thursday.
Asked whether Rishad's appointment was part of his succession plan for the company, Premji declined to respond and said he had no comments to make or details to share.
"All I can say is Rishad is our new employee and will work in the IT division, reporting to Girish S. Paranjpe, the president of financial services," said Premji.
According to Paranjpe, Rishad has been absorbed in a lateral position and will undergo induction over the next two months. He will be based in Bangalore.
"Rishad is like any other new employee for us. Nonetheless, in view of his bright academic and professional background, he will be handling special projects in consulting and financial services," said Paranjpe
After graduating from Harvad Business School with a Master of Business Administration (MBA) degree, Rishad had worked at General Electric (GE) in the US and Bain & Co., a global consulting firm in Britain, where he was business development executive, handling financial and other allied services.
"Rishad brings to the table five years of experience in global consulting, mergers and acquisitions and driving business in financial services," Paranjpe added.
Though Rishad is not yet qualified to apply for stock options (Esops), he has some stake in the company as part of Premji family's holding.
Billionaire Premji, who holds about 80 percent of Wipro's stock, joined the company in Mumbai at the age of 21 following his father's sudden death in 1966. Wipro was then known as Western India Vegetable Oils Company.
Premji's second son Tareeq, 26, looks after his father's investment portfolio. Earlier, he was associated with the Azim Premji Foundation, a non-profit organisation with a vision to contribute quality primary education for every child.
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