The Czar of the Indian IT industry and the founding chairman of one of the biggest Indian tech company, Wipro, Azim Premji, has announced his retirement from the company. Premji, currently, is serving as the executive chairman and managing director of Wipro, and according to a BSE statement, he will retire from his post on 31st July 2019.
A great philanthropist and the second richest person of India, Premji has been leading Wipro for the past 53 years. On his retirement, Premji will be replaced by his son Rishad Premji, who is serving as the chief strategy officer and a board member at Wipro. Rishad will be the next whole-Time director for a period of 5 years, starting from 31 July 2019 till 31st July 2024.
“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,” said Azim Premji in a statement, “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 added.
Wipro revealed in the filing to BSE that even after the retirement, Premji will continue to serve on the board as a non-executive director and as the founder chairman of Wipro. In fact, he will continue to serve Wipro Enterprises Limited as its chairman and remain chairperson for the board of Wipro-GE Healthcare.
After Premji retiring from his post, there will be a shuffle in the posts of other employees as well. As Abidali Z. Neemuchwala, the company’s CEO and the executive director, will be appointed as the managing director of the company while he will continue to serve as the CEO.
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