NEW DELHI, June 6 (Xinhua) -- The founder of India's multinational IT services major -- Wipro limited, Azim Hashim Premji would step down as executive chairman and managing director of the company by the end of July this year, company officials said Thursday.

According to Wipro, Premji's son Rishad Premji will take over as executive chairman, whereas Chief Executive Officer Abidali Neemuchwala will become the managing director.

Premji will retire as executive chairman upon the completion of his current term on July 30 and his son will take over the reins of company on July 31.

"I wish to thank generations of Wiproites and their families for their contribution towards building our company to what it is today. I am grateful to our clients, partners, and other stakeholders who have reposed trust and confidence in us. It has been a long and satisfying journey for me," Premji in a statement said.

Premji led Wipro for 53 years.

Seventy-three-year-old Premji will remain associated as non-executive director of Wipro and will henceforth be carrying the title of founder chairman.

He is the second richest person in India with an estimated net worth of over 21 billion U.S. dollars. In recent years Premji has come to be recognised as India's top philanthropist.

He was conferred with Padma Vibhushan -- India's second-highest civilian award in January 2011.