Wipro appoints NS Kannan as independent director
Wipro Ltd. on Thursday announced the appointment of NS Kannan as independent director to the company’s board. Kannan will join six other independent directors at the Bengaluru-headquartered company, after having retired as the managing director and chief executive of insurance firm, ICICI Prudential Life Insurance Co.
Kannan has previously served as an advisor to DHFL’s bankruptcy case in appointment by the Reserve Bank, and was also chairman of the regulatory review committee of Life & General Insurance Councils. He was also a member of India’s insurance regulator’s Insurance Advisory Committee. Rishad Premji, executive chairman of Wipro, said, “Kannan is a veteran of the financial services industry, and Wipro will greatly benefit from his leadership experience, and expertise across Finance, Strategy, Corporate Governance, Risk Management, and beyond." The appointment comes amid a weak patch for Wipro, which saw a sequential decline in earnings in the June quarter.
Operational revenue stood at ₹22,831 crore, down 1.5% sequentially, while net profit fell 6.6% sequentially to ₹2,870 crore. During the company’s post-earnings press conference, Thierry Delaporte, chief executive and managing director of Wipro, gave quarterly revenue growth guidance of -2% to 1% for the September quarter. On 13 June, Mint reported that Wipro has also seen its profitability and growth struggle under the leadership of Delaporte, who took over the company in July 2020.
Wipro presently has Ireena Vittal, Patrick Dupuis, Patrick J Ennis, Deepak M Satwalekar, Tulsi Naidu and Paivi Rekonen as the independent directors on its board. Shares of the company closed at ₹418.35 apiece on Thursday. The company’s share price growth has underperformed this
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