MUMBAI: Rajesh Gopinathan resigned from his position as CEO Tata Consulting Services Ltda surprise move that followed a six-year tenure that saw shares of Asia’s largest IT services company nearly triple.
TKS Named Head of Banking and Financial Services Business K Krithivasan as CEO-elect. He will take over Gopinathan subject to shareholder approval in the next fiscal year, according to a company filing. The stock, which has been little changed this year, is down more than 1% in early Mumbai trading.
Gopinathan’s decision to quit comes at a time when Indian outsourcers are bracing for a global economic slowdown that could curb tech spending as the pandemic-driven IT services boom cools. Gopinathan, who has worked with Mumbai-based TCS for more than two decades, began managing the software services giant in 2017. During this period, TCS sales more than doubled. In 2022, his term of office was extended by another five years.
“Rajesh had a stellar six years as TCS CEO, which delivered significant increases in revenue, earnings and market cap,” Citigroup analysts said in a note.
Krithivasan said at a news conference he would work with Gopinathan to understand all parts of the deal and ensure a smooth transition. He also said he doesn’t expect any immediate organizational or strategic changes.
“Focusing on employees and our customers is the most important engine for our growth,” he said. “We always try to be close to our customers and when the market situation changes, we recalibrate what we want to do.”
Under Gopinathan’s leadership, TCS revamped its organizational structure with specialized groups aimed at helping startups as well as large global companies, targeting up to $50 billion in revenue by 2030. TCS achieved one in the year ending March 2022 Revenue of $25.7 billion.
His resignation will be effective by the close of business on Sept. 15, TCS said Thursday.
TKS Named Head of Banking and Financial Services Business K Krithivasan as CEO-elect. He will take over Gopinathan subject to shareholder approval in the next fiscal year, according to a company filing. The stock, which has been little changed this year, is down more than 1% in early Mumbai trading.
Gopinathan’s decision to quit comes at a time when Indian outsourcers are bracing for a global economic slowdown that could curb tech spending as the pandemic-driven IT services boom cools. Gopinathan, who has worked with Mumbai-based TCS for more than two decades, began managing the software services giant in 2017. During this period, TCS sales more than doubled. In 2022, his term of office was extended by another five years.
“Rajesh had a stellar six years as TCS CEO, which delivered significant increases in revenue, earnings and market cap,” Citigroup analysts said in a note.
Krithivasan said at a news conference he would work with Gopinathan to understand all parts of the deal and ensure a smooth transition. He also said he doesn’t expect any immediate organizational or strategic changes.
“Focusing on employees and our customers is the most important engine for our growth,” he said. “We always try to be close to our customers and when the market situation changes, we recalibrate what we want to do.”
Under Gopinathan’s leadership, TCS revamped its organizational structure with specialized groups aimed at helping startups as well as large global companies, targeting up to $50 billion in revenue by 2030. TCS achieved one in the year ending March 2022 Revenue of $25.7 billion.
His resignation will be effective by the close of business on Sept. 15, TCS said Thursday.
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