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Wipro shares fell on Monday after the company said its chief executive officer and president would step down.

Shares of Wipro Ltd. fell as much as 5.7 percent in Mumbai on Monday after the company said its chief executive officer and president would step down.

Abidali Neemuchwala will step down from his role as CEO, while TK Kurien will retire from his position as president, effective immediately, Wipro said in a statement late on Sunday. Neemuchwala will continue to serve the company in an advisory capacity until June 30, 2021.

“The board has decided to accelerate succession planning for CEO and president roles,” Wipro Chairman Azim Premji said in the statement. “This is a very important time for Wipro and I am confident that Abidali’s leadership and guidance will be invaluable to me personally and to the board.”

Why is Abidali Neemuchwala stepping down?

Neemuchwala was appointed CEO of Wipro in May 2017, replacing TK Kurien who had served as CEO since 2007. In a statement released by Wipro at the time of his appointment, Neemuchwala said he wanted to “deliver shareholder value” at India’s third-largest software services exporter by revenue. He also planned to expand Wipro’s presence in newer markets such as artificial intelligence (AI), cloud computing and digital transformation.