Azim H. Premji, founder of IT major Wipro, who turned a small maker of vegetable oil into a $8.5 billion software behemoth, will retire as the company head by July-end and handover reins of the firm to his son, Rishad.
Mr. 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.
He, however, will continue to serve on the board as a non-executive director for five years till July 2024 and 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. Mr. Rishad Premji will be designated as executive chairman.
These changes will be effective July 31, 2019, subject to shareholders’ approval.