TCS shares nearly tripled in value under his leadership
India-based IT services giant Tata Consultancy Services Ltd (TCS). announced Rajesh Gopinathan will step down as managing director and CEO of the company.
Gopinathan was appointed to the role of CEO in 2017. He was reappointed last year as CEO until 2027. The company said Gopinathan decided to step down to pursue his other interests.
The Board of Directors said it has considered his request and accepted it. Gopinathan will continue with the company until 15 September 2023 to provide transition and support to his successor.
Gopinathan has been with the company since 2001 and has held multiple leadership positions, including that of CFO.
According to Reuters, under Gopinathan’s leadership, TCS shares have nearly tripled in value, revenue has almost doubled and profit has risen about 60%, as of last quarter.
In January the group reported revenue rose 8.4%, as measured in US dollars, in its fiscal third quarter ended 31 December 2022 to a total of $7.08 billion.
The Board also announced that it has nominated K. Krithivasan as the CEO Designate with effect from 16 March 2023. Krithivasan will go through a transition with Gopinathan and will be appointed as the Managing Director & CEO in the next financial year.
Krithivasan is presently President and Global Head of the Banking, Financial Services, and Insurance (BFSI) Business Group at Tata Consultancy Services. Krithivasan has been part of the global technology sector for over 34 years, having joined Tata Consultancy Services in 1989. During his tenure at TCS, he has held various leadership roles in delivery, customer relationship management, large program management and sales.
Chandrasekaran, Chairman, TCS, said: “Over the last six years, Rajesh has provided strong leadership as the MD & CEO and has laid the foundation for the next phase of TCS’ growth with significant investments in cloud, agile and automation to help clients accelerate their transformation.”
Gopinathan said, “Having worked with Krithi over the last two decades, I am confident that he is best positioned to take TCS to greater heights along with the leadership team. I will be working closely with Krithi to give him all the support that he needs.”
