Economy

Azim Premji, India's second-richest man, to retire

Azim Premji, India's second-richest man, to retire

Azim Premji of Wipro has announced his retirement as the renowned company's executive chairman and MD on July 30.

From selling Vanaspati oil to making the 4th largest IT company Azim Premji is handing down the company to his son Rishad Premji who has been in Wipro for more than a decade.

He, however, will continue to serve on the board as a non-executive director for five years till July 2024 and has also been conferred the title of founder chairman.

In 2010, he had voted accompanied by the 20 most powerful men in the world by Asiaweek and twice been in the list of the midst 100 most influential people rolling 2004 and more recently in 2011 had declared that Azim Premji will be retiring from the company regarding July 30th who is now serving as executive chairman and managing director of IT company.

"Premji will be on the company's board as a non-executive director and Founder Chairman".

These changes will be effective July 31, 2019, subject to shareholders' approval.

Neemuchwala said Rishad Premji's considerable global experience, deep understanding of the technology landscape, ability to see the big picture, work ethic, strong values, empathetic nature and leadership skills are characteristics "I have personally come to admire and respect and are widely acknowledged by all those who know him".

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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.

Rishad Premji's elevation in the company comes as no surprise.

In 1945, the birth year of Azim Premji, his father, Muhammed Hashim Premji started Western Indian Vegetable Products Ltd., based at Amalner, Maharashtra. "He will also invest his time and energy for the philanthropic causes of the Azim Premji Foundation but will always be available for counsel", said Rishad Premji in the e-mail, accessed by IANS.

Rishad will continue to serve on the Board of the Azim Premji Foundation, the philanthropic organisation, which now owns 67 per cent of the economic interest of Wipro Limited. I have great confidence and trust in Rishad's leadership to steer Wipro in its next phase of growth as we move forward."Chairman-designate Rashid Premji said: "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. His exceptional generosity makes him one of the greatest philanthropists of our time", adds Ashok".

Wipro, which has been struggling to match the industry growth rates, had earlier outlined a 3-year road map to turn around the company, though it still looks like a work in progress.

"This is a testament to the spirit and dedication of thousands of Wiproites". After assuming the role of Chairman of the Wipro Group Mr. Azim Premji did what he thought was right as per is immaculate Business Acumen.