Patni Computer Systems is set to see the exit of some top executives. The information technology services and solutions company has been bought by Phaneesh Murthy-led iGate.
With the open offer for Patni’s minority shareholders closing in a week and iGate set to start the integration process, the joint entity is likely to see important management changes, say people in the know.
The chief executive of Patni, Jeya Kumar, is expected to step down. Along with him, Chief Financial Officer (CFO) Surajeet Singh and head of human resources Steve Correa will also step down, say sources.
Sources said Phaneesh Murthy, president and chief executive of iGate, was expected to take the helm of the combined entity. The CFO of iGate, Surjit Sircar, is likely to become the CFO of the joint entity, while Srinivas Kundalu will take over as the head of human resources.
An email to iGate did not elicit any response. However a senior company official said: “The open offer will get over in a week and then the integration process will start. There will be redundancy of some roles.”
“All important roles are being taken over by the people at iGate. The integration will lead to a completely new management team. Along with these top changes, even the head of delivery is expected to be replaced,” said a source in the know. Sean Narayanan, who leads delivery at iGate, is expected to perform this role in the joint entity.
Deepak Khosla, senior vice-president and president, SAARC, and Ajay Chamania, executive vice-president and global head, product engineering services, have already resigned.
“As integration takes place, some more people will leave. One reason senior people are moving out is the focus that Murthy has. He wants to focus on the US market, whereas Patni has presence in four major regions, the US, Europe, Middle East and Africa, and APAC,” said another source close to the development.
The Nasdaq-listed iGate announced Patni’s acquisition for $1.2 billion earlier this year. After acquiring the 63 per cent stake of promoters and private equity player General Atlantic, iGate made an open offer for an additional 20 per cent stake at Rs 503.5 per share.
