Business

Rishad Premji to head Wipro after his father Azim Premji retires as executive chairman

Rishad Premji, who was Wipro Limited chief strategy officer and member of the board has been appointed as executive chairman. He succeeds his father Azim Premji who is retiring on July 2019 after completionn of his current term.

Azim Premji, one of the pioneers of the Indian technology industry and Founder of Wipro Limited, who led the company for 53 years, will however, continue to serve on the Wipro board as non-executive director and founder chairman, according to a press release by Wipro Limited in Bengaluru on Thursday.

The Wipro board has also announced that chief executive officer and executive director Abidali Z. Neemuchwala will be re-designated as chief executive officer and managing director.

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

Azim Premji transformed a small hydrogenated cooking fat company to a USD 8.5 billion global IT powerhouse while also leading the transformation of Wipro Enterprises Limited into a global FMCG, infrastructure engineering and medical devices leader, with revenues of approximately USD 2 billion. He will remain the chairman of Wipro Enterprises Limited and continue to chair the board of Wipro-GE Healthcare.

Ashok S. Ganguly, independent director and chairman, Board Governance, Nomination and Compensation Committee, Wipro Limited said, “We thank Azim for his vision, outstanding leadership and years of extraordinary contribution towards building Wipro and the Indian IT industry. His unflinching commitment to values makes him an exemplar of how business and ethics, can and must go together. His exceptional generosity makes him one of the greatest philanthropists of our time. Rishad’s understanding of the global technology industry, strong strategic orientation and diverse leadership experience make him the right person to guide Wipro. He is also best positioned to represent the interests and fundamental social purpose of the largest shareholder of Wipro.”

Azim Premji said, “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”.

“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 as we move forward”, he added.

Commenting on his appointment, Rishad Premji said, “I am humbled and honoured to be invited to chair the board of Wipro Limited, a company that has over decades demonstrated that success can be built on the foundation of strong values and uncompromising integrity. This is a testament to the spirit and dedication of thousands of Wiproites”.

“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. I look forward to their trust, collaboration and support,” he added. (UNI)

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