India’s largest IT services provider Tata Consultancy Services (TCS) said Rajesh Gopinathan will resign as chief executive officer, just one year into his second five-year stint at the helm of the company.
The company named K Krithivasan as CEO effective March 16 and said he will take over as CEO and MD in the next financial year, subject to shareholders’ approval. He joined TCS in 1989 and held various leadership roles in the company.
The move comes at a time when the Indian IT industry is facing a challenging macroeconomic environment in its key markets of Europe and the United States, while the US banking sector is under renewed focus due to its large exposure. Which is currently facing financial crisis.
The company said Gopinathan – who was last year reappointed as CEO of the Indian IT giant till 2027 – would leave TCS to pursue other interests.
Gopinathan has been with TCS since 2001 and has held several leadership positions including Chief Financial Officer.
Under his leadership, TCS shares have nearly tripled over the previous quarter, revenue has nearly doubled and profit has soared nearly 60%.
Meanwhile, rival Infosys is also facing top-level attrition with five senior-level retirements or exits in the past year and a half.
Shares of TCS, which have lost nearly 2.2 per cent so far this year, closed down 0.4 per cent on Thursday.
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