Wipro's Azim Premji Retires After 53 Years
The 75-year-old founder of Wipro, Azim Premji will retire as Executive Chairman on 30th July.
The founder of Wipro Azim Premji will retire as Executive Chairman on 30th July. Mr Premji is 75 years old. After his father's death, he took over the company at the age of 21 and transformed the company into a $25 billion (Rs 1.8 lakh crore) global IT powerhouse. In 2018-2019, Wipro had a revenue or Rs 58,906 crore. He built Wipro over 50 years and turned it into one of the country’s largest technology services firms. Mr Premji has now decided to devote more of his attention to charitable activities. Premji will be succeeded by his elder son, Rishad Premji.
He will continue to serve on the Wipro Board as non-executive director and founder, chairman. The Premji family will continue to have voting rights on their entire 74.3% stake. However over their entire stake, they only get a maximum of 7% financial benefit on their entire stake. Premji has avoided the public glare, and left all public announcements to the company’s CEO and other executive. While in the public he only spoke about charitable activities which are mostly in the field of education. Mr Premji along with Infosys N R Narayana Murthy and TCS’s F C Kohli are regarded as the pioneers of the Indian IT Industry. The IT Industry in India has a revenue of $177 billion, it employs over 4 million people and is India’s largest export business.