Wipro founder Azim Premji to retire in July, CEO Abidali Z Neemuchwala named new MD

Azim Premji, founder of software giant Wipro,  will retire from his current position as Executive Chairman and Managing Director of the company on July 30, 2019.  He will continue to serve on board as non-executive Director and Founder Chairman.

The company said that chief executive and executive director Abidali Z Neemuchwala will be the new Managing Director.

"Abidali Z Neemuchwala to take over as Managing Director of Wipro from July 31; to also continue as the CEO of the company. Azim Premji to be the Non-Executive Director for a period of 5 years," reported ANI. 

His son Rishad Premji, 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 in top managment.

Meanwhile, Wipro recently said that it will acquire US-based International TechneGroup Incorporated for USD 45 million (around Rs 312 crore).

International TechneGroup Incorporated (ITI) provides Computer Aided Design and Product Lifecycle Management interoperability software services.

Founded in 1983 and headquartered in Ohio, USA, ITI has offices in the UK, Italy, Israel and Germany.

ITI is privately held and has 130 employees as of March 2019. Its revenue stood at USD 23.2 million in FY'18 (year ending June 30).

"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

The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending September 30, 2019.

With PTI Inputs