The Hindu Business Line : Vivek Paul quits Wipro; new leadership team in place

TIME TO PART: A file picture of Mr Vivek Paul, Vice-Chairman and Chief Executive Officer, Wipro, and Mr Azim Premji (right), Chairman. — G.R.N. Somashekar

Bangalore , June 30

WIPRO Ltd said on Thursday that the Vice-Chairman and Chief Executive Officer, Mr Vivek Paul, has quit the company to join investment firm Texas Pacific Group (TPG) as a partner.

The high-profile CEO served Wipro for six years and is credited with building the company's technology business from a $150-million software entity to a $1.4-billion giant.

"The thought of exit came to the fore only about a month-and-half ago after I realised that there was a greater calling in my life," Mr Paul told Business Line admitting that there were differences between himself and the Wipro Chairman, Mr Azim Premji. However, Mr Paul did not elaborate on the nature of differences.

"Personally I think that there's no bad guy here as it is made out to be," Mr Paul said. "The ownership issue is not very relevant here," Mr Paul said adding, "Mr Premji as the largest equity holder is the owner and I was the operational head".

"I am excited about my future. I have moved from a role of an actor to producer," he said. Mr Paul will work closely with the professionals of TPG and its Asian affiliate, Newbridge Capital, who together manage a global portfolio of approximately $70 billion.

Mr Paul was recently named one of the world's 30 most respected CEOs by Barron's. He was also selected as one of the TIME/CNN 25 Global Business Influentials for 2004 and rated by Business Week as one of the Best Managers globally for 2003.

"Mr Vivek's contribution to success of our global IT business has been significant, reflected in Wipro's lead position today in many areas such as R&D services, IT outsourcing and BPO," Mr Premji said.

Mr Paul's exit comes days after Mr Raman Roy, Head of Wipro's BPO operations, left. Following Mr Paul's exit, Wipro announced a new organisational structure to drive its next phase of growth. "The new structure was firmed up only in the last few weeks," Mr Paul said adding that he had helped finalising it.

Under the new structure, Mr Lakshman Rao has been appointed as the Chief Operating Officer while Mr Sudip Banerjee, President, will lead the enterprise business.

Mr Girish Paranjpe, President, will lead the banking and financial services business while Mr Suresh Vaswani, President, will continue to lead the India and the Asia-Pacific IT business along with infrastructure services and testing. Mr T.K. Kurien will lead Wipro's BPO business.

All the newly designated officials will be reporting to Mr Premji.

Tracking the news of Mr Paul's exit, the Wipro stock initially fell by about four per cent in the day to recover later and close higher by 1.5 per cent at Rs 765.55 on the BSE.

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Vivek Paul quits Wipro; new leadership team in place