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<ul><li><keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> was just 21 when he had to take over his family business and now, at 73, will retire from his post of executive chairman and MD of <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>. </li><li>Today called the Czar of Indian IT, Premji turned the business around to make Wipro a $8.5 billion revenue company. </li><li>Premji’s contribution to philanthropy are immense – $21 billion.</li></ul>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. He turned the business around and forayed into IT products. And the now 73-year old Premji is stepping down from his post of executive chairman and Managing Director of Wipro by July end. The Czar of Indian IT Today, the company – Wipro – has revenues of $8.5 billion and is one of not just India but the world’s big IT firms. Through his tenure, Premji, who is also called the Czar of Indian IT industry, with his foresight, turned the fate of Wipro around. From a cooking fat company, he introduced hydraulic cylinders, soaps, lighting products to finally venturing into IT in the 1980s. In the early 2000s, Wipro had emerged as a firm with more than a $1 billion revenue and was one of the early companies in India to offer IT outsourcing. Today, it is the fourth-largest IT outsourcing company in India and has over 160,000 employees across six continents. From cloud infrastructure to data analytics and Artificial Intelligence to even blockchain, Wipro offers services in leading industry sectors. Over the years, Premji, who did go on to obtain his Stanford degree through correspondence, has gathered several accolades along the way. He is the recipient of not just one but two of the Indian government’s highest civilian awards – Padma Bhushan and Padma Vibhushan. In 2018, he was conferred with Chevalier de la Légion d'Honneur (Knight of the Legion of Honour) – the highest French civilian distinction by the French government. India’s biggest philanthropist But his contributions have not just been limited to IT in India. Premji in 2001 started the Azim Premji Foundation, a not-for-profit organization which aimed to better the public school education in India. Today, the foundation works out of 7 Indian states and has over 350,000 schools. Premji made news very early on because of his decision to not just do charity as the company’s Corporate Social Responsibility program. Often called, India’s most generous man, Premji in March 2019 took it one step ahead. He earmarked all economic benefits for philanthropy, setting aside 34% of Wipro shares worth $7.5 billion. His total contribution to philanthropy now stands at a whopping $21 billion, including 67% of economic ownership of Wipro Limited. See Also: <a href="https://www.businessinsider.in/wipro-founder-azim-premji-to-retire-by-july/articleshow/69676843.cms">Wipro founder Azim Premji to retire, son Rishad to take over</a> <a href="https://www.businessinsider.in/wipro-chairman-azim-premji-has-now-increased-his-charity-contribution-to-a-total-of-21-billion/articleshow/68395458.cms">Azim Premji has now set aside $21 billion to charity, 67% of economic ownership of Wipro</a>

Azim Premji – the man who turned a cooking oil company to be one of the world’s biggest IT firms – Wipro

<ul><li><keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, executive Chairman and Managing Director of <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, to retire by July. </li><li>His son <keyword id="197349" type="PERSON" weightage="20" keywordseo="Rishad-Premji">Rishad Premji</keyword> will be taking over his post. </li><li>Azim Premji had been the executive chairman of the IT company for 53 years.</li></ul>Azim Premji, founder of Wipro, will be resigning from his post of executive chairman and Managing Director by July according to <a href="https://www.livemint.com/companies/people/azim-premji-to-retire-next-month-rishad-chairman-md-ceo-1559817362459.html">reports</a>. His son Rishad Premji, who is currently on the board of Wipro and its Chief Strategy Officer, will be taking over as executive chairman. Premji Senior will continue to be on the board of the company. He had served as the executive chairman of the IT giant for a long period of 53 years. Meanwhile, a statement from the company also states that Abidali Neemuchwala, who has been the CEO of the company since February 2016, will also be the managing director of the company. Azim Premji, who has been at the forefront of IT growth in India, is a graduate in Electrical Engineering from Stanford University. According to the company’s website, Premji is responsible for turning Wipro into a “$8.5 billion Revenue IT, BPO and R&amp;D Services organization with a presence in 58 countries.” Premji, who is also one of the biggest philanthropists in India, had founded the non-profit organization Azim Premji Foundation in 2001. In March, Premji also earmarked all of his economic benefits for philanthropy, setting aside 34% of Wipro shares worth $7.5 billion. His total contribution to philanthropy now stands at a whopping $21 billion, including 67% of economic ownership of Wipro Limited. See Also: <a href="https://www.businessinsider.in/wipro-chairman-azim-premji-has-now-increased-his-charity-contribution-to-a-total-of-21-billion/articleshow/68395458.cms">Azim Premji has now set aside $21 billion to charity, 67% of economic ownership of Wipro</a>

Wipro founder Azim Premji to retire, son Rishad to take over

<ul><li><keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> is the second richest man in India who resigned as the chairman of the country's fourth-largest software company — <keyword id="10862" type="COMPANY" weightage="20" keywordseo="Wipro">Wipro</keyword>. </li><li>Premji, who is popularly known as the Czar of the Indian IT industry decided to retire by the end of July. </li></ul>At the age of 73, India’s second richest man, Azim Premji, with a net worth of $22 billion has decided to move on from Wipro. Premji will remain the firm's non-executive director for five years until July 2024. He is one of the pioneers of the multi-billion dollar Indian IT industry. He spearheaded Wipro for 53 years after his return from the Stanford University in 1966, at the age of 21. He transformed a small hydrogenated cooking fat firm into a $8.5 billion global IT powerhouse. All this while, he lead the transformation of his non-IT arm Wipro Enterprises into a global FMCG (fast moving consumer goods), infrastructure engineering and medical devices leader with a revenue of $2 billion in 2018-19. Premji dropped out of Stanford University to handle the business after his father’s death. However, he did return to Stanford 34 years later, to complete his graduation in electrical engineering. Here’s a look at Azim Premji’s salaries and net worth in the last 10 years 
	
	
	<div type="Slideshow" msid="70340117" hostid="261" title="A look at Azim Premji’s salary over the years and net worth shows the Wipro founder is India’s most generous billionaireA look at Azim Premji’s salary over the years and net worth shows the Wipro founder is India’s most generous billionaire" firstImageMsid="70340261" slideCount="10"></div>

A look at Azim Premji’s salary and donations over the years shows the Wipro founder is India’s most generous billionaire

Bangalore-based IT giant <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> Limited has appointed <keyword id="2687302" type="UNKNOWN" weightage="20" keywordseo="Jatin-Dalal">Jatin Dalal</keyword> as the new Chief Financial Officer (CFO) of the group following the retirement of <keyword id="193587" type="PERSON" weightage="20" keywordseo="Suresh-Senapaty">Suresh Senapaty</keyword>, the current CFO and executive director, on March 31, 2015. On the other hand, Dalal is the current senior vice president of the company’s Finance vertical. 
	 “Suresh has been an integral part of the company’s think-tank and has played a catalytic role in taking the company to great heights. His exemplary contribution has seen Wipro setting new benchmarks in finance, governance and strategy. He has also emerged as a key industry voice, who has championed several governance and policy issues, pertinent to the IT industry. I personally thank him and his family for his contribution to Wipro and wish him all the very best in his future plans,” said Wipro founder chairman <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>. 
	 
	Sharing a similar sentiment, Senapaty said, “It has been an exciting, challenging and fulfilling journey for me. Wipro has been an outstanding place to work, learn and grow. Helping build Wipro’s finance function and a strong culture of corporate governance apart from being a part of the organization’s growth journey are memories that I cherish. This has been a wonderful journey, personally and professionally. I also wish to express my gratitude to all colleagues and other stake holders for their support over the years and wish Jatin all the very best.” Senapaty has been with the company for thirty years. 
	 
	Jatin Dalal joined Wipro in 2002 and was instrumental in setting up Wipro’s shared services division Wividus. Dalal will assume charge on April 1, 2015.

Wipro Appoints New CFO, Suresh Senapaty Retires

Wipro Chief Executive <keyword id="534477" type="UNKNOWN" weightage="80" keywordseo="TK-Kurien">TK Kurien</keyword> received an impressive appraisal of 32% in 2014-15 and drew a package of around $ 1.5 million. In last financial year, Wipro performed marginally better as compared to previous years but the overall revenue growth fell short of industry-level growth rates. 
 
It is noteworthy that his pay package does not include earnings from the shares he holds in Wipro. 
 Coming to Wipro's billionaire chairman <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword>, who next year will complete his 50th anniversary at the company that originally started out as a vegetable-oil maker, his package was $767,685 during the financial year ended March 2015. 
 
Economic Times reported the salary of Premji, who currently holds 73.39% of Wipro's total shares, includes a 0.3% commission on incremental net profits of Wipro during a typical financial year. 
 
"Azim H. Premji was paid a commission at the rate of 0.3% on incremental net profits of Wipro Ltd. over the previous year computed based on the method approved by the Board Governance, Nomination and Compensation Committee and in accordance with the provisions of the Companies Act, 2013," Wipro said in a regulatory filing to the US Securities and Exchange Commission. 
 
ET reported that during the financial year ended March 2015, Kurien's total package stood at $1.46 million, including variable pay, bonus and other long-term compensation payouts, according to the filing. Wipro's former finance Suresh Senapaty, who retired earlier this year, took home a pay package of $541,561 during the year. 
 
Meanwhile, CEO of Infosys, Vishal Sikka, gets an annual pay package of $5.08 million, without stock options. ET in its report said that on a pro rata basis, Sikka made $741,433 during 2014-15. CEO of Tata Consultancy Services, N. Chandrasekaran, commanded a salary of nearly $3.15 million during 2013-14. 
 
CEOs of India's IT industry are among the best paid leaders across industries in the corporate sector over the past decade. 
 But, e-Commerce companies such as <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> and Snapdeal, which receive funds from generous investors, are also now splurging heavily on hiring the creme-de-la-creme of talent and are paying out multi-million dollar packages to their top executives. 
 For instance, in March, two of <keyword id="6355629" type="CITY" weightage="60" keywordseo="Google">Google</keyword>'s engineering VPs - Piyush Ranjan and Punit Soni - relocated from the Bay Area to work with India's largest e-Commerce company Flipkart. Both are being paid Valley salaries too - $5-6 million annual packages. 
 
(Image: Indiatimes)

CEOs of Indian IT industry are leaders in pay packages also. See who earns how much

<ul><li>Enrollment under the Mahatma Gandhi National Rural Employment Guarantee Act (<keyword id="6361863" type="UNKNOWN" weightage="20" keywordseo="MGNREGA">MGNREGA</keyword>) has surged by 40% to 50% during the lockdown.</li><li>More than 90 million of small traders and labourers have lost their jobs as now looking to the government to support their livelihood.</li><li>India’s unorganised labour force normally reverts to farming when jobs evaporate in other sectors, however, not everyone has landholdings — leading to a surge in demand for jobs under MNREGA.</li></ul>The demand for employment guarantee in rural areas has surged by 40% to 50% as <keyword id="64595" type="PERSON" weightage="20" keywordseo="migrant-workers">migrant workers</keyword> head home during the nationwide <keyword id="8637077" type="UNKNOWN" weightage="20" keywordseo="Coronavirus-lockdown">coronavirus lockdown</keyword>, revealed <keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>. Daily-wage earners working away from homes turned into refugees overnight when Prime Minister Narendra Modi announced the nationwide lockdown on March 25. <div type="image" title="migrantworker" msid="75740667" hostid="261" caption="&amp;lt;p&amp;gt;Migrant workers walking along railway tracks to reach their villages&amp;lt;/p&amp;gt;"></div> More than 90 million of small traders and labourers have lost their jobs as workplaces shut down and employers vanished, according to the Centre for Monitoring Indian Economy (<a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=2020-05-05%2008:22:21&amp;msec=776">CMIE</a>). <div type="image" title="snapshot-1589463105674" msid="75740400" hostid="261" caption="&amp;lt;p&amp;gt;Jobs lost due the nationwide coronavirus lockdown in April&amp;lt;/p&amp;gt;"></div> Without a way to support their livelihood, millions now looking to the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) for livelihood in these desperate times. “We have already generated 14.62 crore man-days of work up to 13 May, which is for the 40% to 50% more people who have gotten enrolled compared to last May,” said Finance Minister Nirmala Sitharaman. <div type="Article" hostid="261" msid="75736580" title="Top highlights from Finance Minister Nirmala Sitharaman's second tranche of COVID-19 stimulus" mstype="2" mssubtype="0"></div> Across the country, millions of migrant workers were seen trekking hundreds of kilometres as the lockdown as nearly 80% of them have lost their jobs during the lockdown, according to a survey by <a href="https://t.co/RLAC3KcqUW?amp=1">Azim Premji University</a>. It’s not uncommon for India’s unorganised labour force to revert to farming when jobs evaporate in other sectors, however, not everyone has landholdings. <div type="image" title="migrantworker4" msid="75740690" hostid="261" caption="&amp;lt;p&amp;gt;Migrants continue to walk home in April even as state borders remain sealed&amp;lt;/p&amp;gt;"></div> Those who don’t die along the way — due to exhaustion or run over by speeding vehicles on the road — seem to be signing up for MGNREGA, which promises to provide at least 100-days of guaranteed wage employment in the form of unskilled manual work. “As of yesterday [May 13], there are around 2.33 crore wage seekers across 1.87 lakh gram panchayats,” said Sitharaman. She explained that the scheme normally has an average annual outlay of ₹10,000 crore. “If it’s more this year, we will spend,” she said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/one-nation-one-ration-card-finance-minister-nirmala-sitharaman-promises-subsidised-food-for-migrant-workers-anywhere-in-the-country/articleshow/75738128.cms">One nation, one ration card – Finance Minister Nirmala Sitharaman promises subsidised food for migrant workers anywhere in the country</a> <a href="https://www.businessinsider.in/india/news/from-minimum-wages-for-all-to-social-security-for-gig-workers-these-are-the-broad-outlines-of-upcoming-labour-reforms-in-india/articleshow/75733790.cms">From minimum wages for all to social security for gig workers ⁠— these are the broad outlines of upcoming ‘labour reforms’ in India</a> <a href="https://www.businessinsider.in/personal-finance/news/cut-in-epf-will-lead-to-income-tax-on-retirement-fund/articleshow/75731664.cms">The EPF reduction means you will pay tax on cash from your retirement fund</a>

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Azim Premji – the man who turned a cooking oil company to be one of the world’s biggest IT firms – Wipro

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Wipro founder Azim Premji to retire, son Rishad to take over

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A look at Azim Premji’s salary and donations over the years shows the Wipro founder is India’s most generous billionaire

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Wipro Appoints New CFO, Suresh Senapaty Retires

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CEOs of Indian IT industry are leaders in pay packages also. See who earns how much

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Job seekers under MGNREGA has jumped 50% as migrant workers forced to return home are desperate for livelihood

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