Information Technology company Wipro Limited on Friday said its Chief Executive Officer and Managing Director Abidali Z Neemuchwala has decided to step down from his posts due to family commitments. The company made the announcement in a filing to the BSE.

The company said it has begun the search for Neemuchwala’s successor. Neemuchwala will remain in his positions until this successor is chosen, the firm added.

“We thank Abid [Neemuchwala] for his leadership and his contributions to Wipro,” Chairperson Rishad Premji said. “Over the last four years, Abid helped build a strong execution mindset, drove key acquisitions and scaled [up] our digital business globally. We wish him the very best for the future.”

Neemuchwala said it had been an honour to work with Wipro. “lt has been my honour and privilege to serve Wipro, a company with a rich legacy of almost 75 years,” he said. “We have made considerable progress in our transformation journey, improved our delivery engine and institutionalised deeper client centricity. I thank Azim Premji, Rishad, our board of directors, my Wipro colleagues and customers for their support over the years.”

Shares of the information technology major declined 1.77% on the National Stock Exchange following the announcement, and were trading at Rs 236.45 per share at 1.45 pm.