Wipro chairman Azim Premji to hand over reins to son Rishad

11 June, 2019, 07:56 | Author: Regina Silva
  • IT czar Azim Premji announces retirement

Wipro Chairman and founder Azim H Premji announced his retirement from the post of chairman and managing director (MD) of the company by the end of July. Azim Premji will continue as a non-executive director and founder chairman of Wipro.

His elder son, Rishad Premji, chief strategy officer of the company, will be the executive chairman of Wipro, India's fourth-largest information technology (IT) services company.

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. He has previously served as group president and chief operating officer of the company with effect from April 1, 2015, Wipro said in a press release.

Premji made news very early on because of his decision to not just do charity as the company's Corporate Social Responsibility program. An Indiaspend story said that as on Mar'19, Premji had given away 34% or as much as $7.5 billions worth of his shares in Wipro to philanthropic causes.

Azim is now the second richest person in India, and in 2005, he was awarded the Padma Bhushan by the Indian government. I will remain the Chairman of Wipro Enterprises Limited which includes our Consumer Care and Infrastructure Engineering Businesses, and the Wipro-GE Healthcare joint venture, with total revenues of approximately United States dollars 2 billion.

Premji also remained a role-model for India Inc on the philanthropy circuit.

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Mr. Azim Premji's Foundation, which works in the education sector and supports over 150 non-profits serving under-privileged with financial grants, has 67% of economic ownership of Wipro.

Wipro's outgoing Chairman Azim Premji said he is confident that the future of Wipro will "far outshine anything that we have done before". "As I look into the future, I plan to devote more time to focus on our philanthropic activities", Azim Premji, who had been at the helm for more than 50 years, said in a statement. "His exceptional generosity makes him one of the greatest philanthropists of our time", adds Ashok.

In the letter, Rishad Premji said he feels a deep sense of humility and a surge of energy as he takes over the role of Executive Chairman of Wipro. I am grateful to our clients, partners, and other stakeholders who have reposed trust and confidence in us.

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

On his appointment to the top executive job, Rishad said he was humbled and honoured to head the company, which over the decades demonstrated that success could be built on the foundation of values and uncompromising integrity.

"Rishad is also best positioned to represent the interests and social objective of the largest shareholder of Wipro", he said.

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