New Delhi: Abidali Z Neemuchwala will take over as Managing Director (MD) of the leading IT company Wipro Ltd starting July 31, succeeding Azim Premji who put in his papers recently. Also Read - Year Ender 2020: Against All Odds, These Billionaires Have Added USD 64 Billion to Their Wealth This Year

IT czar Azim Premji will retire as executive chairman of Wipro with effect from July 30, but will continue to serve on the board as the Non-Executive Director and Founder Chairman for five years, the company said in a statement. Also Read - Wipro CEO Resigns For Family Commitments, Will Continue Until Successor Found

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 top deck changes.

The board has also announced that chief executive and executive director Abidali Z Neemuchwala will be re-designated as CEO and managing director.

“These changes will be effective July 31, 2019, subject to shareholder approval,” the company added.

With PTI inputs