Wipro founder Azim Premji will retire as the Executive Chairman and Managing Director of the company. Mr Premji was the pioneer in showing the way to corporate India. The Czar of Indian IT industry has set benchmarks for philanthropy. The reins will be handed to his son, Rishad Premji. Also, the post of Managing Director will be offered to chief executive Abidali Neemuchwala.
The Indian market has seen many business tycoons, but Mr Azim Premji was one of his kind. The founder of Software Service Exporter Wipro said that he’ll step down and retire on July 30 of this year. Executive Chairman and Managing Director of the company, Mr Premji had been running the company for more than half a century.
He will continue as the non-executive director and founder chairman.
In his tenure, the business tycoon drove the company with just $2 million sales in 1996, to a huge sum of $11 billion in diversified business. Called the Czar of Indian IT Industry, he put the company on his shoulder and turned it into the fourth-largest IT services company in India.
Azim Premji to handover Wipro
The Wipro reins will be handed over to Azim Premji’s son, Rishad Premji. His son will acquire the seat of Executive Chairman for full-time. Simultaneously, chief executive Abidali Neemuchwala will be the Managing Director of the company.
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,
– Azim Premji
Azim Premji has set a benchmark for philanthropy in India. Doing so with minimum fame and word, he donated two-thirds of his wealth to charitable trusts. That’s worth nearly $21 billion.