As son rises in Wipro, analysts raise questions
The appointment of Rishad Premji as chief strategy officer at IT behemoth Wipro could touch off more restructuring, analysts said. Hi-tech heir: Fast facts on Rishad Premjiindia Updated: Sep 02, 2010 23:18 IST
The appointment of Rishad Premji as chief strategy officer at IT behemoth Wipro could touch off more restructuring, analysts said.
Harvard-educated Rishad, 33, is the eldest son and heir-apparent of the company's founder, billionaire Azim Premji. He is at present general manager of treasury and investor relations, and will take over from K.R. Lakshminarayana on January 1, 2011.
"He was being groomed to take over at the top. This is just a step toward that," said Harit Shah, IT analyst with Karvy Stock Broking.
Some analysts said the rapid rise of the junior Premji could ruffle feathers at the top.
"Signals that Wipro might convey of fast tracking Rishad could create a sense of unease and uncertainty among sections of the senior management," JP Morgan analyst Viju George said in a note to investors.
"We believe that this potentially sets off the risk of further management reshuffles and departures," he said.
The brokerage said there had been at least 10 changes in senior management roles due to rotations or departures at the company in the past three years.