Three independent directors - B.C. Prabhakar, Shyam Saran and Henning Kagermann - are quitting the board of Wipro Ltd. for personal and professional reasons, the IT bellwether said here Thursday.
"Independent directors Prabhakar and Saran have decided not to seek re-election to pursue their own interests, while Kagermann has resigned in compliance with the regulatory requirements in Germany," the city-based global software major said in a statement here.
As a result, Prabhakar and Saran, who joined the company board in 1997 and 2010, will cease to be directors from July 23 and Kagermann from June 30.
"I wish to thank Prabhakar, Saran and Kagermann for their contribution to Wipro over the years. The company benefited from their insights and vast experience," Wipro chairman Azim Premji said in the statement.
Other seven independent directors - Ireena Vittal, Vyomesh Joshi, M.K. Sharma, Bill Owens, N. Vaghul, Ashok Ganguly and Jagdish Sheth - will be re-appointed at the company's Annual General Meeting July 23, as per the Companies Act, 2013.
"The three outgoing directors have played a pivotal role in shaping the company's strategy, enhancing shareholder value and upholding the highest standards of corporate governance. The board will miss their expertise," said Ashok Ganguly, who is also chairman of the board of governance, nomination and compensation committee.
