His son Rishad Premji, chief strategy officer and a board member, will take over as the executive chairman of the company.
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.
With Abidali Neemuchwala taking over as the Managing Director of Wipro, he said that Abidali and Rishad will make an excellent leadership team.
Simultaneously, Wipro announced that chief executive Abidali Neemuchwala will also be the managing director of the company, thereby separating the positions of chairman and managing director as required by the Securities and Exchange Board of India.More news: Golovkin 'ready' for Canelo rematch after fourth-round KO
These changes will be effective July 31, 2019, subject to shareholders' approval.
The top appointments and re-designations were approved at a meeting of the company's board of directors. I will remain the Chairman of Wipro Enterprises Limited which includes our Consumer Care and Infrastructure Engineering Businesses, and the Wipro-GE Healthcare joint venture, with total revenues of approximately Dollars 2 billion.
Muhammed Hashim Premji, Azim Premji's father, started Western Indian Vegetable Products Ltd, based at Amalner, in the Jalgaon district of Maharashtra, in 1945. "His exceptional generosity makes him one of the greatest philanthropists of our time", adds Ashok. "You can disagree with him in a public forum, and once a decision is taken, he doesn't carry anything into a future interaction", an ET report quoted KK Natarajan, the chairman of Mindtree who has worked for Wipro, as saying.
In 1966, a 21-year old Azim Premji left his engineering course at Stanford University to come back and be at the helm of his family business - a $2 million hydrogenated cooking fat company.More news: Here's the first look of Upcoming Google Pixel 4 Smartphone: Leak
"Rishad is also best positioned to represent the interests and social goal of the largest shareholder of Wipro", he said.
"I thank generations of Wiproites and their families for their contribution in building the company to what it is now".
Recalling his long and satisfying journey, Premji said he planned to devote more time on his philanthropic activities. "I have great confidence and trust in Rishad's leadership to steer Wipro in its next phase of growth as we move forward", he said in a statement.
"This is a testament to the spirit and dedication of thousands of Wiproites. He will also invest his time and energy for the philanthropic causes of the Azim Premji Foundation but will always be available for counsel", said Rishad Premji in the e-mail, accessed by IANS.More news: Microsoft unveils an even more customizable Elite controller
Wipro, which has been struggling to match the industry growth rates, had earlier outlined a 3-year road map to turn around the company, though it still looks like a work in progress.