Wipro chairman Azim Premji to bow out, son Rishad to take over
06 Jun 2019
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Wipro founder and chairman Azim Premji will step down as executive chairman and managing director and son Rishad Premji will take over as executive chairman of the IT major towards the end of July when Premji’s current term ends.
Wipro’s current CEO Abidali Z Neemuchwala will also hold the post of managing director after Premji bows out on 30 July. He will be re-designated as CEO and managing director.
Premji, however, will continue to serve on the board as non-executive director and founder chairman, the company said in a statement.
Premji’s son Rishad Premji, chief strategy officer and a board member of Wipro, will take over as the executive chairman of the company on 31 July.
"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 stated in a release announcing chages at the top deck.
"These changes will be effective July 31, 2019, subject to shareholder approval," the company added.
"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.
Azim Premji, who transformed a small hydrogenated cooking fat company to an $8.5 billion global IT powerhouse, will remain the chairman of Wipro Enterprises Limited and continue to chair the board of Wipro-GE Healthcare.
Wipro's independent director Ashok S Ganguly said Azim Premji's exceptional generosity makes him one of the greatest philanthropists of our time.
"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 said.
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