Bengaluru/New Delhi: Indian IT services company Wipro Ltd said on Thursday founder Azim H Premji would retire as executive chairman and managing director (MD) by the end of July and named Chief Executive Officer Abidali Z Neemuchwala as its new MD.


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Azim Premji, after having led the company for 53 years, will stay on as non-executive director, the Bengaluru-based company said. However, he will continue to serve on the Board as Non-Executive Director and Founder Chairman.


Wipro added that Rishad Premji, Chief Strategy Officer and Member of the Board, will take over as the Executive Chairman of the company. Rishad has been re-appointed as a whole-Time Director for a period of 5 years with effect from July 31, 2019 to July 30, 2024.


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


"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," Azim Premji said.