End of an era: Wipro founder Azim Premji to retire as executive chairman next month; check who’s next

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Updated: June 6, 2019 5:03:19 PM

IT czar Azim Premji will hang up boots as executive chairman of Wipro with effect from July 30.

wIPROThe shares of Wipro ended the day at Rs 292, down 1.90, or 0.65 per cent on NSE at the time of reporting.

IT czar Azim Premji will hang up boots as executive chairman of Wipro with effect from July 30. However, he will remain on the board as non-executive director and founder, chairman, Wipro said in a BSE filing. Rishad Premji, Azim Premji’s son who is serving as the chief strategy officer and a board member will take over the executive chairman of the company, the exchange filing also said. “Azim Premji, one of the pioneers of the Indian technology industry and founder of Wipro Limited, will retire as executive chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years. However, he will continue to serve on the board as non-executive director and founder chairman,” Wipro said.

Rishad Premji has been appointed as whole-time director for a period of 5 years with effect from July 31, 2019 to July 30, 2024 (designated as Executive Chairman by the Board of Directors of the Company), the firm also said. The company also informed that Abidali Z Neemuchwala, the chief executive and executive director will be re-designated as CEO and managing director.  These changes will be effective July 31, 2019, subject to shareholder approval, the IT firm also said in a regulatory filing.

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Azim Premji was responsible for leading the coming through four decades, since 1966, of diversification and growth to make it one of the global leaders in the space. “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.

The shares of Wipro ended the day at Rs 292, down 1.90, or 0.65 per cent on NSE at the time of reporting.

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