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Premji reappointed Wipro chairman

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CIOL Bureau
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BANGALORE: Azim H. Premji will continue to be the chairman of Wipro Ltd till June 30, 2007.

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A resolution to this effect was unanimously approved by the shareholders at the 59th annual general meeting (AGM) of the company held at the company's corporate headquarters here.

The reappointment with effect from December 31, 2004 will be in force retrospectively for 30 months till June 2007, when the 59-year-old Premji will turn 61. The resolution was moved in the wake of the company's two retirement policy at 58 and 60 years for all its employees.

Addressing the AGM, Premji said the company was in good shape, having invested in new growth areas and restructured the growth engines.

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"In the last 59 years, we have learnt that to build sustainable value, we need to stay close to our customers and contantly reinvent ourselves. The only way to manage the future is by anticipating it well before it happens, which means remaining alert to changing customer needs, emerging market trends and quickly aligning to them," he said.

With the exit of Vivek Paul, Premji, who holds about 84 per cent of the company's equity, will be the chairman and managing director, overlooking the global operations of the IT bellwether.

Another resolution, which the AGM adopted authorised the company to double its authorised capital to Rs 3.55 billion from Rs 1.75 billion as a result of 1:1 bonus awarded for the last fiscal (2004-05).

A top Wipro official said the shareholders had also authorised the company through a special resolution to allot six million shares of Rs. 2 each to lateral and senior employees under the employees stock options scheme (ESOP).

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