New Delhi: IT major Wipro Ltd on Thursday announced that its founder Azim H Premji would retire as executive chairman and managing director (MD) of the company by the end of July.
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 would continue to serve on the board as non-executive director and founder chairman, the company said.
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 from July 31, 2019, subject to shareholder approval.
I wish to thank generations of Wiproites and their families for their contribution towards building our company to what it is today. I am grateful to our clients, partners, and other stakeholders who have reposed trust and confidence in us,” Azim Premji said in a statement.
“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,” he added.
Premji turned a small hydrogenated cooking fat company to a USD 8.5 billion global IT powerhouse while also leading the transformation of Wipro Enterprises Limited into a global FMCG, Infrastructure Engineering and Medical Devices leader, with revenues of approximately USD 2 billion.
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