Premji, who turns 74 in July, will continue as a non-executive director and founder chairman.
Cognizant, whose headcount addition had outstripped revenue growth in the fourth and first quarters, will also pare hiring going forward to bring it in line with revenue growth.
The airline currently has over 92 aircraft in its fleet consisting mostly of Boeing 737s.
Under foreign direct investment regulations, a foreign airline can hold a maximum stake of 49% in an Indian airline, with majority control resting with an Indian partner.
Local traffic in March 2019 increased a tad to 11.60 million from 11.58 million in the same month the previous year.