Tech magnate and Wipro Ltd founder Azim Premji, who turned a small maker of vegetable oil into a USD 8.5 billion software behemoth, will retire as the company head by July-end and hand over reins of the firm to his son, Rishad.
Premji, who turns 74 next month, 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 statement.
Rishad Azim Hasham Premji is Wipro's Chief Strategy Officer since May 2015 and has been on the company board since 2018. A BA in Economics from Wesleyan University in US and an MBA degree holder from Harvard Business School, he is also Chairman of National Association of Software and Services Companies (NASSCOM).
Azim Premji, who gave up studies at Stanford in 1966 to look after the family's cooking oil business when his father died, will continue to serve on the board as a non-executive director for five years till July 2024. He has also been conferred the title of founder chairman.
Wipro board also announced that chief executive officer and executive director Abidali Z Neemuchwala will be re-designated as CEO and managing director, while Rishad Premji will be re-appointed as whole-time director for a period of five years with effect from July 31, 2019, to July 30, 2024. Rishad will be designated as executive chairman.
These changes will be effective July 31, 2019, subject to shareholders' approval.
In a message to company employees, the senior Premji said steering Wipro had been the greatest privilege of his life and exuded confidence that his son will lead it to greater heights. "Rishad and Abid will lead this transformation along with all of you."