NEW DELHI, June 06: IT major Wipro Ltd today announced that its founder Azim H Premji would retire as executive chairman and managing director (MD) of the company by the end of July, report agencies.
Azim Premji will retire as executive chairman upon the completion of his current term on July 30, 2019 after having led the company for 53 years, Wipro said in a filing to BSE. However, he will continue to serve on the board as non-executive director and founder chairman.
Wipro board has also announced that chief executive officer and executive director Abidali Z. Neemuchwala will be re-designated as CEO and managing director. These changes will be effective July 31, 2019, subject to shareholder approval.
"It has been a long and satisfying journey for me. As I look into the future, I plan to devote more time to focus on our philanthropic activities. I have great confidence and trust in Rishad's leadership to steer Wipro in its next phase of growth as we move forward," Azim Premji said in a statement.
Azim Premji, who transformed a small hydrogenated cooking fat company to a $8.5 billion global IT powerhouse, will remain the chairman of Wipro Enterprises Limited and continue to chair the board of Wipro-GE Healthcare.
Wipro's independent director Ashok S. Ganguly said Azim Premji's exceptional generosity makes him one of the greatest philanthropists of our time.
"Rishad's understanding of the global technology industry, strong strategic orientation and diverse leadership experience make him the right person to guide Wipro. He is also best positioned to represent the interests and fundamental social purpose of the largest shareholder of Wipro," he said.
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