 "Krithivasan to take charge as TCS's new CEO and MD from June 1")
K Krithivasan, the new CEO and MD of Tata Consultancy Services (TCS), will take charge from June 1, said the company in a statement. The term of his appointment is for a period of 5 years.
He will take over the charge from Rajesh Gopinathan, who last month decided to step down as MD and CEO of IT giant to pursue other interests. He was elevated to the role in February 2017 after serving as the chief financial officer (CFO) since 2013.
Gopinathan had a 22-year stint with TCS and during his last six years of tenure as CEO, the IT company's market capitalisation crossed $167.86 billion in FY22-23, making TCS the Second Most Valuable Company in India.
"Krithi and I are working closely to ensure that the leadership transition over the next few months is smooth and seamless to all our stakeholders and that TCS is well positioned to capture the opportunities ahead,” Rajesh Gopinathan said.
K. Krithivasan is presently the CEO-Designate and Global Head of the Banking, Financial Services, and Insurance 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 long tenure at TCS, he has held various leadership roles in delivery, customer relationship management, large program management, and sales.
Gopinathan will continue with the company till 15 September 2023 to provide transition and support to his successor. Krithivasan will go through a transition with Rajesh Gopinathan and will be appointed as the Managing Director & CEO in the next financial year, said the board in a statement on March 16.
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TCS on Wednesday announced a net profit of Rs 11,392 crore for the fourth quarter that ended March 31, 2023, up 14.8 per cent year on year. Sequentially the firm's profit was up 5 per cent.
In a traditionally weak quarter, TCS managed to deliver a strong order book. Fourth quarter TCVs (total contract values) came in at $10 billion, higher than the company average of $7-9 billion.