Azim Premji, Founder of Wipro to Step Down on July 30, His Son Rishad to Appoint as the new Chairman

IT services giant Wipro announced that Azim H Premji would step down as executive chairman and managing director by July end and appointed Abidali Z Neemuchwala, current chief executive officer as its new managing director. Premji's son current chief strategy officer and a member of the board will be appointed as the new executive chairman.

While the Bangalore-based company said in a notification to exchanges that Azim Premji will continue as non-executive director. Founder of Wipro, Azim Premji will step down as executive chairman as he completes his tenure on July after having led the firm for 53 years.

Azim Premji is a man who transformed the small hydrogenated cooking fat firm to a world's top IT powerhouse worth $8.5 billion, as well as making the transformation of Wipro Enterprises Limited into a world class FMCG, Infrastructure Engineering and Medical Devices champ with a profit of nearly $2 billion.

The independent director and chairman, board governance nomination and compensation committee at Wipro, Ashok S Ganguly thanked Azim Premji for his perceptions, great leadership and an outstanding contribution towards building Wipro and the Indian IT industry. He further added that Premji's determined commitment to values mould him an epitome of how business and ethics can be handled together. And his extraordinary liberality makes him one of the greatest makes him one of the greatest patron of our time.

Meanwhile Azim Premji said that the whole tenure at Wipro was a satisfying journey for him and looking into the future he plan to dedicate more time to target on company's generous activities. He further said that holds a great confidence and trust in Rishad's management to lead the company in its future phase of growth. The new chairman Rishad is very thrilled about the next steps and the chances to build value for company's shareholders in this phase.

Azim H Premji, FMCG | Founder of Wipro Azim Premji | Infrastructure Engineering and Medical Devices | IT services giant Wipro | new chairman Rishad | Wipro Enterprises Limited