Wipro's Azim Premji to retire on July 30, son to succeed

Daniel Fowler
June 11, 2019

Wipro the company that was founded in 1945 coincidentally even the year that the Czar of the Indian IT Industry Mr. Azim Premji was born was then known as Western India Vegetable Products Limited.

Observing that the company's belated success touched Azim Premji's social conscience, inspiring him to dedicate the major part of his personal wealth to philanthropy, Rishad Premji said his father served and touched the lives of the most disadvantaged people in the country.

What is the succession plan?

Azim Premji will stay approximately speaking as non doling out director for a era of 5 years as soon as effect from 31 st July 2019 where he has been conferred the title of Founder Chairman and the company considered including attributed re appointing Rishad A Premji son 0of Azim Premji as collective time director for era of 5 years in intimation of effect from July 31st, 2019 to July 30th, 2024.

"Rishad Premji has impeccable credentials and has had wide-ranging professional experience as chief strategy officer of Wipro", said Kiran Mazumdar-Shaw, chairperson and managing director of Biocon Ltd.

"Abidali Z Neemuchwala to take over as Managing Director of Wipro from July 31; to also continue as the CEO of the company".

Premji will step down as executive chairman on July 30, to be replaced by his son Rishad Premji, but will remain on the board as non-executive director and founder chairman.

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Azim is now the second richest person in India, and in 2005, he was awarded the Padma Bhushan by the Indian government.

Azim Premji will continue as non-executive director and founder chairman. Azim Premji said the company has been an exemplar of a successful, ethical and a socially responsible organisation. By transferring more than 50,000 crore to philanthropic activities, he set a huge benchmark for future generations to follow.

"These changes will be effective July 31, 2019, subject to shareholder approval", the company added. It was around this time that the company's name was changed to Wipro. "His exceptional generosity makes him one of the greatest philanthropists of our time", adds Ashok.

Noting that his father demonstrated that a successful business could be built ethically and be driven by social goal, Rishad Premji called upon the techies to chart new paths and win new frontiers while consolidating the company and upholding its rich values. "I have great confidence and trust in Rishad's leadership to steer Wipro in its next phase of growth as we move forward", he said.

In 1966, a 21-year old Azim Premji left his engineering course at Stanford University to come back and be at the helm of his family business - a $2 million hydrogenated cooking fat company.

"This is a testament to the spirit and dedication of thousands of Wiproites".

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