Tata Consultancy Services (TCS) has revealed the decision of Rajesh Gopinathan to resign as chief executive officer, just a year into his second five-year term at the helm of India’s largest IT services provider.
TCS has named K Krithivasan as CEO-designate, effective March 16, and said he will take over as CEO and managing director in the next financial year, subject to shareholders’ approval. He joined TCS in 1989 and has held various leadership roles in the company.
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 long tenure at TCS, he held various leadership roles in delivery, customer relationship management, large program management and sales.
Krithivasan holds a Bachelor’s Degree in Mechanical Engineering from the University of Madras and a Master’s Degree in Industrial and Management Engineering from IIT Kanpur.
The company said Rajesh Gopinathan — who was re-appointed last year as the Indian IT behemoth’s CEO till 2027 — will leave TCS to pursue other interests. TCS did not reveal the specific reasons for the resignation.
Rajesh Gopinathan has been with TCS since 2001 and has held multiple leadership positions, including that of chief financial officer.
Under his leadership, TCS shares have nearly tripled, revenue has almost doubled and profit has risen about 60 percent, as of last quarter.
Meanwhile, rival Infosys is also facing top level attrition, with five senior level retirements or exits over last one-and-a-half years.
Total compensation to Rajesh Gopinathan in the financial year 2021-22 increased by 26.6 percent to Rs 25.75 crore. It comprised a salary of Rs 1.5 crore, benefits and allowance of Rs 2.25 crore, and a total commission (from earnings) of Rs 22 crore.
Tata Consultancy Services reported a net profit of Rs 10,846 crore, a jump of 11 percent, during October-December 2022. TCS’ revenue rose 19.1 percent to Rs 58,229 crore in the latest December 2022 quarter.