Information technology giant Wipro Ltd announced on Thursday that its founder Azim Premji will retire from the post of executive chairman and managing director by the end of July. Chief Executive Officer Abidali Z Neemuchwala will be re-designated as the chief executive officer and managing director.

Premji will continue to serve as non-executive director and founder chairman from July 31.

Azim Premji’s son, Rishad Premji, who is currently a board member and the chief strategy officer, will be reappointed as the whole-time director for a period of 5 years.

“Azim Premji, one of the pioneers of the Indian technology industry and Founder of Wipro Limited will retire as executive chairman upon the completion of his current term on July 30, 2019 after having led the company for 53 years,” the company said in its BSE filing. Azim Premji will serve as the non-executive director for a period of five years.

Azim Premji is a known philanthropist, who transformed a small hydrogenated cooking fat company to a $8.5 billion international IT firm. “It has been a long and satisfying journey for me,” he said in the statement. “As I look into the future, I plan to devote more time to focus on our philanthropic activities. I have great confidence and trust in Rishad’s [Rishad Premji] leadership to steer Wipro in its next phase of growth as we move forward.”