Azim Premji, India’s second-richest man, to retire

India’s second-richest man, Azim Premji, announced Thursday his retirement as chairman of Wipro, the company that he transformed from a small cooking fat firm into a global IT powerhouse. “I wish to thank generations of Wiproites and their families for their contribution towards building our company to what it is today,” the 73-year-old said in a statement.

“It has been a long and satisfying journey for me. As I look into the future, I plan to devote more time to focus on our philanthropic activities,” he said. Premji has headed Wipro since the late 1960s, turning into a behemoth in IT, consulting and business services present in over 50 countries with $8.5 billion in revenues.

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. In March, Premji pledged about 34 per cent of Wipro shares controlled by him to philanthropic activities through his foundation, Bloomberg reported.