Azim Premji to retire as Executive Chairman of Wipro by July end, son Rishad to take over
IT czar Azim Premji will retire as the Executive Chairman of Wipro with effect from July 30, but will continue to serve on the Board as Non-executive Director and Founder Chairman, the company said in a statement.
His son Rishad Premji, who is currently the Chief Strategy Officer and a Board member, will take over as the Executive Chairman of the company.
"Azim Premji, one of the pioneers of the Indian technology industry and Founder of Wipro Limited, will retire as Executive Chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years. However, he will continue to serve on the board as Non-executive Director and Founder Chairman," Wipro said in a statement announcing the changes.
The Board has also announced that Chief Executive and Executive Director Abidali Z Neemuchwala will be re-designated as CEO and Managing Director.
"These changes will be effective from July 31, 2019, subject to shareholder approval," the company added.
Azim Premji, an engineering graduate from Stanford University, transformed his father's vegetable oil company into one of the leading IT services company in India. Besides his business acumen, Premji has also earmarked considerable amount of his wealth for charity.
Meanwhile, on Wednesday, Wipro said it will acquire US-based International TechneGroup Incorporated for $45 million (around Rs 312 crore). International TechneGroup Incorporated (ITI) provides Computer Aided Design and Product Lifecycle Management interoperability software services.
"The acquisition complements Wipro's core strengths in Industry 4.0 and will allow Wipro to offer end-to-end solutions in Digital Engineering and Manufacturing," Harmeet Chauhan, Senior Vice-President, Industrial and Engineering Services, Wipro, said.
ITI's offerings and solutions will be consolidated as part of Wipro's industrial and engineering services business and will function as a wholly-owned US subsidiary of the company, it added.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending September 30, 2019.