Azim Premji to step down as Executive Chairman of Wipro

Azim Premji, founder and Executive Chairman of Wipro Ltd, who transformed a small vegetable oil company into an $8.5-billion global IT powerhouse, will step down from his post at the end of his tenure on July 30 and pass on the baton to his son, Rishad Premji.

“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,” Premji said in a statement.

The soft-spoken, Harvard-educated, 42-year-old Rishad, Chief Strategy Officer and member of the board, will take over as the Executive Chairman for a five-year term. Wipro Chief Executive Officer and Executive Director, Abidail Z Neemuchwala, has been re-designated as MD & CEO.