Gurnani said that the move reflects the humanization of AI, which means that while some routine jobs may be cut, new jobs may be created.
InterGlobe, the operator of IndiGo Airlines, is the majority shareholder in the Singapore-headquartered company. It will have offices in Delhi-NCR, Hyderabad and Chennai.
CP Gurnani took to LinkedIn and wrote that the end of his stint as Tech Mahindra CEO also marked his retirement from corporate life and shared the lessons he learnt from his time as a corporate professional.
Tech Mahindra CEO CP Gurnani, wrote on X (formerly Twitter) on Sunday and gave a detailed explanation of what Narayana Murthy might have meant when he said India's youngsters needed to work 70 hours a week.
The new structure will have a vertical-wise focus for delivery instead of Tech Mahindra’s previous geography-focused structure.
Outgoing CEO CP Gurnani said these were the most difficult two quarters in his career. He acknowledged that he misjudged market timing for offerings like 5G as customers started cutting down tech spend.
Soneja, a former senior executive at CitiusTech and Infosys, joined the company after another former Infosys president Mohit Joshi joined Tech Mahindra as CEO and MD designate
The IT services firm, however, completed majority of its wage hike cycle in Q1, which partly reflected on its EBIT margins that plunged 440 basis points QoQ.
Tech Mahindra’s net profit in Q1 was down by 38% QoQ, order book declined 39%
Tech Mahindra's Q1 order book declined over 39 percent QoQ to $359 million from $592 million in the previous quarter due to weakness of the CME segment.
Tech Mahindra's attrition rate dropped to 13 percent from 15 percent in Q4. The firm has been seeing a drop in attrition rate since the first quarter of fiscal year 2023
CP Gurnani has been at Tech Mahindra’s helm since 2012, and steps down on retirement on December 19 this year once he turns 65.
Sam Altman said that a wrong question had been asked to him and reiterated that with an investment of $10 million, India would find it tough to compete with OpenAI.
The IT services firm reported an order book of $592 million for Q4FY23, down by 25.5 percent QoQ from $795 million in Q3.
In Q4FY23, Tech Mahindra's overall headcount declined by 4,688 QoQ.
The company has to shed its over-reliance on the telecom and enterprise businesses, and capture large cost takeout deals, said analysts.
The CEO role is not exactly new for Mohit Joshi, who was once appointed as the CEO of Infosys Mexico in 2007 and was instrumental in setting up the IT services behemoth’s first subsidiary in Latin America.
Mohit Joshi's tenure at Infosys will come to an end in June and till then he will be on leave.
Business mix improved under CP Gurnani. But the company was unable to match industry-leading growth rates
Gurnani has identified product and platform business and co-creating with customers as key growth areas, among its new business strategies.
Tech Mahindra's CEO and MD CP Gurnani expects the business to touch $1 billion in revenue in less than three years. Going forward, product and platform business will be a key differentiator for the company.
Tech Mahindra CEO and Managing Director CP Gurnani also said that digital innovation and business transformation remain a "big conversation" and area of interest among its clients.
Tech Mahindra reported deal wins worth $795 million in Q3. For the first time, its enterprise vertical clocked $1 billion in quarterly revenue.
The IT services consultancy firm reported a decline in QoQ attrition rate, too, which cropped to 17 percent
Davos 2023: Gurnani said that hiring will be higher when attrition is higher, and net hiring will be low when attrition is declining.
