Retirement on the cards for Azim Premji: Founder of Wipro

An era is ending at Wipro! And for the Indian IT industry!  Azim Premji, who transformed the cooking oil company started by his father in 1945, into a $25 billion (Rs 1.8 lakh crore) global IT powerhouse, will retire as the Executive Chairman on July 30.

Azim Premji will turn 74 a week before that. He has served as a proud leader of Wipro for 53 years and is now letting go of the ropes of the company. He had taken over the company on his father’s death in 1966.

Azim Premji, together with Infosys’s N R Narayana Murthy and TCS’s F C Kohli, is regarded as a pioneer of the Indian IT industry. The Industry today has revenues of $177 billion, employs more than 4 million, and is the country’s biggest export business.

Rishad Premji, his elder son, a Harvard Business School and London School of Economics graduate is the next ‘Heir’ to the throne. He joined the firm in 2007 in its financial services business division. Rishad, 42, has played a variety of roles in the company and is currently the Chief Strategy Officer.

Furthermore, the Azim Premji family owns 74.3% of the shares in the company. So Rishad’s succession was almost inevitable.

‘ I plan to devote more time to focus on our philanthropic activities’

In a statement, Azim Premji thanked “generations of Wiproites and their families for their contribution towards building” the company to what it is today. “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,” he said.

Furthermore, for many years, Premji has avoided the public glare. His own public engagements were mostly related to his philanthropic activities, most prominently in education.

The Premji family will continue to have voting rights in the entire 74.3% stake that they hold in Wipro. But the family benefits in financial terms from only a maximum of 7% of the stake.

However, Azim Premji will continue to serve on the Wipro Board as a Non-Executive Director and Founder Chairman, a company release said. He will also remain the Chairman of Wipro Enterprises. The $2 billion entity focuses on FMCG (with products like Santoor soap and Smartlite bulbs) and infrastructure engineering. He will also continue to chair the board of the medical devices joint venture, Wipro-GE Healthcare.

Source: Times of India


Also, read about Peter Mayhew Who Played Chewbacca Died At The Age Of 74

Latest Posts

  • One Punch Man Game: All You Need To Know

    One Punch Man Game: All You Need To Know0

    Right after the first post-announcement trailer for One Punch Man: A Hero Nobody Knows’ revealed confirmation that additional of four more characters to the game. Saitama himself and other characters were already to be part of the squad, though the newest trailer focuses on the villains that you’ll encounter. Vaccine Man, Mosquito Girl, Carnage Kabuto,

    READ MORE
  • Top 7 Hill Stations You Have To Visit In South India

    Top 7 Hill Stations You Have To Visit In South India0

    From the stressful environment of the cities, people always want a getaway and let them loose. What’s the perfect place you ask? Well, These Hill Stations might do the job. Here is a list of Top 7 Hill stations in South India in My Opinion: Kodaikanal (Kodai) Referred to as the ‘Princess of Hill stations’,

    READ MORE
  • Top 5 Best Breweries In Bangalore

    Top 5 Best Breweries In Bangalore0

    After a long and tiring week, sometimes all you want to do is get a few cold beers with some friends and move your body to them groovy tunes. When you are in the Garden City of India, you do not have to scramble too hard to find a great place to have a wonderful

    READ MORE

Leave a Comment

Your email address will not be published. Required fields are marked with *

Latest Posts

Most Commented

Featured Videos