Azim Premji of Wipro has announced his retirement as the renowned company's executive chairman and MD on July 30. He has served the company for 53 years. The successful entrepreneur, who is considered a genius, will be Wipro's non-executive chairman after his retirement.

What is the succession plan? The company's Chief Strategy Officer Rishad Premji, who is the eldest son of Azim, will succeed his father as the executive chairman. CEO Abidali Z Neemuchwala will take over as the new managing director.

"Abidali Z Neemuchwala to take over as Managing Director of Wipro from July 31; to also continue as the CEO of the company. Azim Premji to be the Non-Executive Director for a period of 5 years with effect from July 31 and has been conferred with the title of Founder Chairman of Wipro," a news agency has reported.