Wipro on Thursday announced the appointment of Rishad Premji, chief strategy officer and member of the Board, as the executive chairman of the Indian software company.
Azim Premji, founder of Wipro, will retire as executive chairman on July 30, 2019 after leading the company for 53 years. However, Azim Premji, 73 year-old, will continue to serve on the board as non-executive director and founder chairman.
Rishad Premji, 40 year-old, is the son of Azim Premji. Rishad Premji is already a part of the Wipro leadership team.
Wipro reported revenue of $8.5 billion (+7.5 percent) with operating margin of 17.9 percent during the fiscal 2018-19.
Abidali Z Neemuchwala, chief executive officer and executive director, will be re-designated as chief executive officer and managing director. These changes will be effective July 31, 2019, subject to shareholder approval.
Profile of Rishad Premji
Bloomberg reports that Rishad Premji has been the chief strategy officer of Wipro since May 1, 2015. He serves its member of the Board since 2018. Rishad Premji serves as chief strategy officer of Wipro Ventures. He served as an executive director of Wipro since May 1, 2015 until 2018.
Rishad Premji served as a head – Special Projects at Wipro Technologies since September 2, 2010. Rishad Premji served as chief strategy officer of IT Business at Wipro since September 1, 2010 and its head the strategy and mergers and acquisitions since April 1, 2011. Rishad Premji served as the head The Strategy, Mergers & Acquisitions for Wipro since April 1, 2011.
Rishad Premji joined Wipro in June 2007 as a business manager and spent a couple of years helping the M&A team. He had a stint with a global consultancy in Europe before joining Wipro. Before that, he worked briefly with General Electric and consulting firm Bain & Co in London.
Rishad Premji has been the Chairman of National Association of Software and Service Companies (Nasscom) since April 10, 2018 and serves as its member of Executive Council and served as its vice chairman from April 5, 2017 to April 10, 2018.
Azim Premji said: “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.”
Rishad Premji said: “I am humbled and honoured to be invited to chair the Board of Wipro, a company that has over decades demonstrated that success can be built on the foundation of strong values and uncompromising integrity.”