Christopher O’ Connor has stepped down as the CEO and executive director of Pune-headquartered Persistent Systems less than two years after taking charge.
O’Connor joined the company in February 2019 after working in IBM for more than 12 years, from 2006 till the time he joined Persistent. He resigned on August 9 for personal reasons effective immediately, the company said in a filing to Bombay Stock Exchange.
“I confirm that there was no material reason behind my resignation being tendered herewith. I convey my gratitude to all the members of the board for the unstinted faith and co-operation received during the tenure of my directorship,” he said in the BSE statement.
In Persistent, he was critical in the execution of the company's digital strategy. This in part could be due his technology exposure in IBM where he lead cloud and smart infrastructure development and Internet of Things.
Motilal Oswal said in a note that post the management change, the company improved on its management strategy resulting in robust performance over the last few quarters despite the pandemic.
“Over the medium term, Persistent should be a key beneficiary of the COVID-19- led increase in Digital Services’ uptake, given its high exposure to Sales Force Consulting, Hi-Tech and other stable verticals such as Healthcare and BFSI,” the note added.
For the quarter ended June 2020, the company registered USD 131 million in revenue, up 3.1 percent quarter-on-quarter and 9.5 percent on year-on-year basis.
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