Wipro Ltd., a leading player in the field of information technology (IT) services, has taken a strategic step by appointing NS Kannan as an independent director to its board. This seasoned addition to the Bengaluru-based company’s leadership team comes at a significant juncture as Wipro navigates through a challenging business quarter.
NS Kannan, a distinguished veteran in the financial services industry, brings a wealth of experience and expertise to Wipro’s board. Having recently retired as the managing director and chief executive of ICICI Prudential Life Insurance Co., Kannan’s extensive background in finance, strategy, corporate governance, and risk management is set to contribute significantly to Wipro’s growth and strategic initiatives.
Kannan will join a cohort of six other independent directors, enhancing the diversity of thought and guidance available to Wipro’s leadership. He is no stranger to complex financial matters, having previously served as an advisor in DHFL’s bankruptcy case under appointment by the Reserve Bank. Additionally, Kannan’s leadership role as the chairman of the regulatory review committee of Life & General Insurance Councils underscores his deep involvement in shaping industry policies and regulations. His membership in India’s insurance regulator’s Insurance Advisory Committee further attests to his influential position in the sector.
Rishad Premji, the executive chairman of Wipro, expressed confidence in Kannan’s appointment, highlighting the transformative potential his leadership experience brings to the company. Wipro is poised to benefit from Kannan’s insights across various domains, ranging from finance and strategy to risk management and corporate governance.
The timing of this appointment coincides with a challenging quarter for Wipro. The company faced a sequential decline in earnings during the June quarter, with operational revenue registering a 1.5% decrease to ₹22,831 crore. Net profit also saw a decline of 6.6% to ₹2,870 crore. Thierry Delaporte, the chief executive and managing director of Wipro, acknowledged the difficult operating environment and provided a revenue growth guidance of -2% to 1% for the September quarter during the post-earnings press conference.
This move comes in the context of ongoing performance evaluations, as Wipro, under the leadership of Delaporte, grapples with profitability and growth challenges. Despite these hurdles, the appointment of NS Kannan as an independent director exemplifies Wipro’s proactive approach to harnessing expertise that can steer the company toward sustained success.
Currently, Wipro’s board comprises esteemed independent directors Ireena Vittal, Patrick Dupuis, Patrick J Ennis, Deepak M Satwalekar, Tulsi Naidu, and Paivi Rekonen. Wipro’s stock closed at ₹418.35 per share on Thursday, reflecting a marginally lower performance compared to the same period last year when it closed at ₹430.1 on August 10. As Wipro continues to chart its course through the dynamic business landscape, the strategic addition of NS Kannan to its leadership ranks underscores the company’s commitment to driving innovation, growth, and resilience.