Economy

IT czar Azim Premji announces retirement

IT czar Azim Premji announces retirement”

During his time as chairman, 73-year-old Azim Premji, often considered the conscience-keeper of India's hugely successful IT services industry, steered Wipro from a fledgling company with just $2 million in sales in 1966 to over $11 billion in diversified business, largely software services and consumer products.

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. His eldest son Rishad Premji will step in his shoes as the Chairman of Wipro from July 31. After retirement, Premji will continue to serve on-board as the non-executive director and founder chairman. CEO Abidali Z Neemuchwala will take over as the new managing director.

In 1945, the birth year of Azim Premji, his father, Muhammed Hashim Premji started Western Indian Vegetable Products Ltd., based at Amalner, Maharashtra. "He has reshaped the world of Indian business, demonstrating that success can be achieved with a commitment to integrity", Rishad Premji said.

He is now the second richest person in India with an estimated net worth of US$21.5 billion as of May 2019. 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.

He is also well-known for establishing the Azim Premji Foundation and its related entities, which do extensive philanthropic work in India.

In a statement made to the exchange houses on Thursday, the Wipro group said that the Azim Premji Foundation and other related entities, were responsible for extensive philanthropic work in India.

Azim Premji will continue as non-executive director and founder chairman.

In the early 2000s, Wipro had emerged as a firm with more than a $1 billion revenue and was one of the early companies in India to offer IT outsourcing. I am grateful to our clients, partners, and other stakeholders who have reposed trust and confidence in us. "As I look into the future, I plan to devote more time to focus on our philanthropic activities", he added.

"His exceptional generosity makes him one of the greatest philanthropists of our time", he added.

Mr. Ganguly further said that Mr. Rishad Premji's understanding of the global technology industry, strong strategic orientation and diverse leadership experience make him the "right person to guide Wipro".

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



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