Bengaluru sources stated that signaling an end of an era, Indian IT industry czar and Wipro Founder Chairman and Managing Director Azim H. Premji, 73, will retire on July 30. His son and the company’s Chief Strategy Officer Rishad Premji will succeed him on July 31 as the Executive Chairman, the global software major said here on Thursday.
“Founder Azim Premji will retire as Executive Chairman on the completion of his term on July 30 and his eldest son Rishad will take over the company’s top executive on July 31,” the city-based IT behemoth said in a statement. Wipro’s Chief Executive Abidali Z. Neemuchwala will, however, succeed billionaire Premji as its Managing Director from July 31 till the end of his present term, in addition to being its Chief Executive Officer. With $21.5 billion net worth, Premji will be the $8.5 billion firm’s non-Executive Director for five years, from July 31, 2019 to July 30, 2024.
The top appointments and re-designations were approved at a meeting of the company’s board of directors. “The board has also conferred Premji with the title of the Founder Chairman of the company,” said the statement. Rishad, 41, will continue to be the company’s whole-time director for the next five years from July 31, 2019 to July 30, 2024.
