Tech Mahindra appoints Mohit Joshi as additional director from June 20

Mohit Joshi

Tech Mahindra’s next Chief Executive Officer Mohit Joshi has been appointed as an Additional Director on the company’s Board from June 20, the company said in a filing with the exchanges. Post Tech Mahindra’s Annual General Meeting on July 27, he will be appointed as Whole Time Director designated as Managing Director and Key Managerial Personnel (KMP) of the company.

Joshi takes over the CEO’s position on December 20, after current CEO CP Gurnani retires on December 19.

It was announced that Infosys veteran Joshi would be Tech Mahindra’s next CEO on March 11, post which he was on garden leave. His last day at Infosys was on June 9, after spending 22 years at the company. In his final year at Infosys, Joshi was the highest-paid employee, drawing Rs 57.32 crore.

At the time of Joshi’s appointment, the company had said that he would be joining well before the date of his appointment to allow sufficient time for a transition.

At an investor presentation prior to the announcement of the new CEO, outgoing CEO Gurnani had said there would be a reasonable transition between him and the new leader, terming it to be a running train.

“Clearly, the assumption is that the leadership team is here to stay and I will be a part of the team which will make sure the transition happens,” he had said.

Joshi faces a tough task when he joins, as analysts have said that the company needs to fix execution, at a time it hasn't been able to deliver industry-leading revenue growth rates, and hasn't been able to shore up its profit margins.