TCS CEO Resigns

Tata Consultancy Services (TCS), India’s largest software service provider, has announced the resignation of its CEO and Managing Director, Rajesh Gopinathan, effective from the close of business hours on September 15, 2023. In a statement, TCS revealed that Gopinathan had tendered his resignation to pursue other interests, ending a 22-year tenure with the company, including six years in his role as CEO and MD.

As a result, the TCS board has appointed K. Krithivasan as the Chief Executive Officer Designate, effective from March 16, 2023. He will take over as CEO and MD in the next financial year, subject to shareholder approval, with the exact effective date to be announced in due course. Krithivasan, who joined TCS in 1989, is currently the president and global head of the Banking, Financial Services, and Insurance (BFSI) Business Group.

Despite the leadership change, TCS continues to perform strongly. The company reported an 11% rise in net profit to ₹10,846 crore for the quarter ended December 2022, compared to ₹9,806 crore in the same period the previous year. Revenue from operations also rose by 19% year-on-year to reach ₹58,229 crore. However, the company’s scrip ended 0.44% down at ₹3,184.75 on BSE.

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In his statement, Gopinathan expressed his satisfaction with his time at TCS, calling it “an iconic organization.” He also highlighted the company’s impressive financial growth during his tenure, with an increase in incremental revenues of over $10 billion and a rise in market cap of over $70 billion. He will continue to provide transition and support to his successor until September 2023.