Rishad Premji's elevation to Wipro board is important for co's growth

Ending months of speculation, India’s third-largest software exporter Wipro yesterday said Rishad Premji, son of chairman Azim Premji, will be inducted on the company’s board from 1 May. The development assumes much significance given the changing scenario in the technology space and the company’s own stated strategy for the future growth. [caption id=“attachment_2206438” align=“alignleft” width=“380”]  Rishad Premji. Forbes India[/caption] A look at Rsihad’s resume will offer some clues as to why the company is keen on giving more prominence to him in the company. He is a graduate from Wesleyan University in the US and has a masters in management from Harvard Business School. Before joining Wipro in June 2007, Rishad worked with Bain and Co in London and also another consultancy firm in Europe. He also had a stint with General Electric. He joined Wipro as a business manager in the banking and finance segment and also worked with the merger and acquisition division. Later he became a general manager of treasury and investor relations and then headed the strategy - mergers and acquisitions. Apart from these, Rsihad was also instrumental in setting up a $100 million VC fund focused on investing in start-ups in India. “He brings a unique blend of exceptional strategic insights, understanding of the technology landscape and diverse business expertise," Ashok S. Ganguly, Independent Director and Chairman, Board Governance and Nomination Committee, Wipro, was quoted as saying in media reports after the announcement from the company yesterday. “These past eight years have given Rishad an in-depth view of the organisation and makes him well positioned to guide Wipro and carry the mantle of ownership in the years ahead,” Ganguly said. Biocon chief Kiran Mazumdar Shaw is also all praise for Rishad. “His Harvard pedigree gives him a very strategic orientation and he has been groomed through the ranks. For Rishad, the board role will be a chance to earn his stripes and fill into his father’s shoes,“ Shaw has been quoted as saying in a profile in The Economic Times, which describes him as rich in ideas. This also explains why Rishad has been inducted in the executive committee set up to derive a strategy for future growth in various new verticals, including digital. The new panel will define the company’s strategy and translate it into detailed, effective and efficient business plans, a PTI report said citing a statement from Wipro. The company plans to make significant investments into Wipro Digital that will bring together mobility, analytics, UX and cloud technologies. “We view these (investments) through the lens of Run and Change… On the Change side, we plan to make significant investments into Wipro Digital that will pull together mobility, analytics, UX and cloud technologies with an ambition to be ranked among the top 3 service providers in 3 years,” Wipro CEO T K Kurien was quoted as saying in the report. Clearly, the company, which has various businesses, is all set to transform itself. As Naveen Tewari, co-founder of InMobi, told The Economic Times, bringing about such a huge change is not going to be easy. “Wipro is a huge business, very well-setup, entrenched into outsourcing -but the whole ecosystem is changing. The traditional outsourcing model needs a re boot -and such a change is not easy when the ship is large,“ said Tewari has been quoted as saying in the report. Tewari sees the responsibility to undertake Wipro’s transformation into the world of next-generation technologies and innovation resting on Rishad. “It will require a complete DNA change and if he’s able to help Wipro do that, he would’ve truly earned his stripes,” says Tewari, who, according to the newspaper, was a batchmate of Rishad at Harvard.