Azim Premji has been at helm of Wipro since the late 1960s

Wipro said on Thursday that its founder Azim Premji would retire as executive chairman and managing director on July 30. Mr Premji - India's second richest man - will continue as non-executive director and founder chairman, the company said in a regulatory filing after market hours on Thursday. The Bengaluru-based IT services major said that the appointment of Mr Premji as non-executive director will be for a period of five years from July 31, 2019. The board also approved appointment of Mr Premji's son and whole-time director Rishad Premji as the new executive chairman of the company.

Azim Premji has been at helm of Wipro since the late 1960s. He also serves as non-executive chairman of Wipro Enterprises (P) Limited and as a director of Wipro GE Healthcare Private Limited and in other entities of the promoter group, the company added.

The IT company named chief executive officer Abidali Z Neemuchwala as its new managing director. Wipro said its board approved his appointment with effect from July 31.

Mr Neemuchwala has served in his current role since February 1, 2016. He does not have any relationship with any of the directors on the board. He has previously served as group president and chief operating officer of the company with effect from April 1, 2015, Wipro said in a press release.

Mr Premji and Mr Neemuchwala also serve as members on the company's strategy committee, the release noted.

The appointments are subject to shareholders' approval, Wipro added in the release.

Wipro shares ended 0.65 per cent lower at Rs 292.00 apiece on the Bombay Stock Exchange (BSE), as against a 1.38 per cent decline in the Sensex as the markets posted their biggest single-day fall of the year.

(With inputs from Reuters)