India's IT czar, founder of Wipro to step down next month

India's IT czar, founder of Wipro to step down next month

India's IT czar, founder of Wipro to step down next month

Azim Premji's son, Rishad Premji, will become executive chairman for a period of five years, Wipro said. Azim Premji will be relinquishing his executive functions as the chairman and managing director, but he will still be on the board as director and founder chairman.

Abidali Z. Neemuchwala will, however, succeed billionaire Premji as the Managing Director from July 31 till the end of his current term, in addition to being Chief Executive Officer.

It's official! Wipro founder and second richest Indian Azim Premji is set to retire on July 30.

Company's independent director and its nomination and compensation's board governance chairman Ashok S. Ganguly thanked Premji for his vision, leadership and years of contribution to build Wipro and the IT industry.

"Premji will be on the company's board as a non-executive director and Founder Chairman". After the announcement, Wipro Chairman Azim Premji wrote an email to all his employees informing them about the changes and wishing them luck for the future. These changes will be effective July 31, 2019, subject to shareholder approval.

Over the next two decades, he steered the group from its vegetable oils business into a behemoth, comprising its flagship $8.5 billion IT services company and an over $2 billion privately-held consumer care and infrastructure engineering company.

Muhammed Hashim Premji, Azim Premji's father, started Western Indian Vegetable Products Ltd, based at Amalner, in the Jalgaon district of Maharashtra, in 1945.

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His son Rishad has been a member of Wipro's board since May 2015 and has been responsible for shaping the company's strategy to drive sustained and profitable growth.

"I thank generations of Wiproites and their families for their contribution in building the company to what it is now".

He is also well-known for establishing the Azim Premji Foundation and its related entities, which do extensive philanthropic work in India. "I am grateful to our clients, partners and other stakeholders for reposing trust and confidence in us", said Premji in the statement.

Neemuchwala said Rishad Premji's considerable global experience, deep understanding of the technology landscape, ability to see the big picture, work ethic, strong values, empathetic nature and leadership skills are characteristics "I have personally come to admire and respect and are widely acknowledged by all those who know him". As I look into the future, I plan to devote more time to focus on our philanthropic activities.

"This is a testament to the spirit and dedication of thousands of Wiproites".

In the early 2000s, Wipro had emerged as a firm with more than a $1 billion revenue and was one of the early companies in India to offer IT outsourcing.

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