ZCZC
BFF-31
INDIA-ECONOMY-SOFTWARE-IT-WIPRO
Azim Premji, India’s second-richest man, to retire
MUMBAI, June 6, 2019 (BSS/AFP) – India’s second-richest man, Azim Premji,
announced Thursday his retirement as chairman of Wipro, the company that he
transformed from a small cooking fat firm into a global IT powerhouse.
“I wish to thank generations of Wiproites and their families for their
contribution towards building our company to what it is today,” the 73-year-
old said in a statement.
“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.
Premji has headed Wipro since the late 1960s, turning into a behemoth in
IT, consulting and business services present in over 50 countries with $8.5
billion in revenues.
Premji will step down as executive chairman on July 30, to be replaced by
his son Rishad Premji, but will remain on the board as non-executive director
and founder chairman.
In March, Premji pledged about 34 percent of Wipro shares controlled by him
to philanthropic activities through his foundation, Bloomberg reported.
India’s $150-billion IT sector has long been one of the country’s flagship
industries as companies around the world take advantage of its skilled
English-speaking workforce.
Known as the czar of the industry, Premji’s Wipro competed with Tata
Consultancy Services and Infosys globally to export its software services to
clients in Europe and the United States
However Indian IT firms are undergoing a period of change in the face of
automation and new technologies.
Shares in Wipro fell by almost a percent on Thursday.
BSS/AFP/ARS/1847 hrs