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Last Updated : Jun 06, 2019 05:33 PM IST | Source: Moneycontrol.com

Azim Premji to retire in July; son Rishad Premji takes over

The board re-appointed his son, Rishad A Premji as the Whole-time Director and Executive Chairman, for a period of five years, with effect from July 31, 2019, to July 30, 2024.

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Azim Premji | Chairman, Wipro | Net worth: $21 billion (Image: Reuters)
Azim Premji | Chairman, Wipro | Net worth: $21 billion (Image: Reuters)
 
 
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Business tycoon Azim Premji is set to retire as the Executive Chairman and Managing Director of Wipro, India’s fourth-largest IT company, on July 31.

The retirement comes 53 years after Premji first joined the company and transformed it from a hydrogenated cooking fat maker to an $8.5 billion global IT major.

He will, however, continue as Non-executive Chairman from July 31, 2019, to July 30, 2024, Wipro said in a BSE filing.

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"It has been a long and satisfying journey for me. As I look to 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," said Premji.

He will, however, continue as Non-executive Chairman from July 31, 2019, to July 30, 2024, Wipro said in a BSE filing.

The board re-appointed his son, Rishad A Premji as the Whole-time Director and Executive Chairman, for a period of five years, with effect from July 31, 2019, to July 30, 2024. He has been a member of the board since May 2015.

"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," Ashok S Ganguly, Independent Director and Chairman, Board Governance, nomination and compensation committee at Wipro said.

The board also announced that Chief Executive Officer (CEO) and Executive Director Abidali Z Neemuchwala will be re-designated as CEO and Managing Director.

These changes will be effective July 31, 2019, subject to shareholder approval, the statement said.

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First Published on Jun 6, 2019 05:22 pm
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