Wipro Ltd announced on Thursday the departure of Vivek Paul, its US-based vice-chairman who was largely responsible for making India's third-largest software exporter what it is today. Wipro said Paul would stay on until the end of September before joining private equity firm Texas Pacific Group as a partner.
Instead of replacing Paul, Wipro said its three business unit heads will report directly to Chairman Azim Premji, raising some concerns about management strength.
Shares in Wipro fell as much as 4 percent on the news, but bounced back to close 1.5 percent higher at 765.55 rupees in a stronger Bombay market.
Hired from General Electric Co six years ago, Paul was head of Wipro's main software export unit, Wipro Technologies, and the global face of the Bangalore-based firm.
"I personally think there was both push and pull (to leave)," Paul told Reuters from California, saying the prospects for him to rise further at Wipro seemed limited.
Wipro is 84 percent owned by Premji, India's wealthiest man.
"When you have $15 billion of family business, how can you not tend to it? It was unlikely that will change," Paul said. "It was a good time to leave and the opportunity was fantastic."
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