Wipro announced on Thursday the exit of three of ten independent directors on the company’s board.
The company announced that while B. C. Prabhakar and Shyam Saran have conveyed their intention not to seek re-election in order to “pursue other personal and professional interests”, Henning Kagermann, who has been on the board for five years, is stepping down. The latter’s resignation is in keeping with regulatory requirements in Germany, and will be effective from June 30, the company said.
Mr. Prabhakar has been on the Wipro board for 17 years, while Mr. Saran completes 14 years this year.
Both of them will step down on July 23. The announcement comes ahead of the company’s annual general meeting scheduled for July 23. On the same day, in accordance with the Companies Act, 2013, Wipro will reappoint seven other existing independent directors.
In a statement, Azim Premji, Chairman, Wipro, thanked the three for their “invaluable contributions” and wished them success. S. Ashok Ganguly, independent director and Chairman of the Board, Governance, Nomination and Compensation Committee, Wipro, said that the three “played a pivotal role in shaping strategy, enhancing shareholder value and upholding the highest standards of corporate governance.”