Azim Premji, founder of global IT major Wipro will retire as Executive Chairman upon the completion of his current term on July 30, 2019 after having led the company for 53 years. Subsequently, Rishad Premji, son of Azim Premji and currently the Chief Strategy Officer and Member of the Board, will take over as the Executive Chairman of the company.
Azim Premji will continue to serve on the Board as Non-Executive Director and Founder Chairman. He will also remain the Chairman of Wipro Enterprises Limited and continue to Chair the Board of Wipro-GE Healthcare.
The Board has also announced that CEO and Executive Director Abidali Z. Neemuchwala will be re-designated as Chief Executive Officer and Managing Director. These changes will be effective July 31, 2019, subject to shareholder approval.
Azim Premji is credited with founding a small hydrogenated cooking fat company and transforming it into a $8.5 billion global IT powerhouse, which also has a presence in FMCG, Infrastructure Engineering and Medical Devices leader, with revenues of approximately $2 billion.
He is also well-known for establishing the Azim Premji Foundation and its related entities, which do extensive philanthropic work in India. The work spans from deep-on-the-ground efforts focused on improving public school education, working directly in seven states of India which have over 350,000 schools, to running the not-for-profit Azim Premji University, which is focused on programs in education and related fields of human development, and providing support through multi-year financial grants to other not-for-profit organizations working in specific areas such as reduction of child stunting, improvement of local governance and alleviation of the conditions of the most vulnerable groups.
"I wish to thank generations of Wiproites and their families for their contribution towards building our company to what it is today. I am grateful to our clients, partners, and other stakeholders who have reposed trust and confidence in us. 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.
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. As the Chief Strategy Officer, he has led Wipro's M&A Strategy and conceptualized Wipro Ventures, a $100 million fund to invest in start-ups developing technologies and solutions that will complement Wipro's businesses with next-generation services and products.
“I am humbled and honoured to be invited to chair the Board of Wipro Limited, a company that has over decades demonstrated that success can be built on the foundation of strong values and uncompromising integrity This is a testament to the spirit and dedication of thousands of Wiproites. I am very excited about our future and the opportunity to create value for all our stakeholders in these transformative times for Wipro and the technology industry. I look forward to their trust, collaboration and support,” Rishad said in a statement.
Rishad has an MBA from Harvard Business School and a BA in Economics from Wesleyan University. Prior to joining Wipro in 2007, Mr. Premji was with Bain & Company in London, working on assignments across Consumer Products, Automobiles, Telecom and Insurance. He also worked with GE Capital in the United States across businesses in the Insurance and Consumer Lending space and is a graduate of GE's Financial Management Program.