Azim Premji who served Wipro Foundations as CEO for nearly 53 years, will step down as the company’s CEO on July 30. Wipro in a statement said that Premji who will turn 74 the next month, will retire as the head of the company on completion of his term. Azim Premji is India’s second richest man after Mukesh Ambani and also a well know philanthropist. Azim Premji has led Wipro from a vegetable oil company that it was 1946 to a Global IT company that it is now. Azim Premji will be replaced by Rishad Premji as the next CEO of the Wipro Foundations. Pratik Kumar CEO of Wipro Infrastructure Engineering said that “Obviously Azim Premji will be a big enough shoe to be filled, but Rishad will bring his own flavor as the CEO and it all augurs well”. Although he did agree that this was a big decision on the part of the company and that by this decision Wipro had certainly led their guard down. Rishad Premji was until now the Chairman of Nasscom, where he helped chart the course of India’s $170-billion software industry. Premji has however assured his 1.7 lakh plus employees that Rishad’s knowledge of diverse and different sectors of business will help in the global development of the business.