Gopinathan's appointment comes at a pivotal time for the NSE as it plans to relocate its data center as colocation becomes the dominant mode of trading post-pandemic. A significant increase in derivatives and cash volumes drives this shift.
A translational research centre to support transition of IP from lab to industry has also been created recently, the institute said in a statement
According to analysts, former CEO and MD Rajesh Gopinathan’s structure led to unrest among senior executives and confusion among customers. But neither are they sure how the new vertical-wise structure will help TCS navigate the shifting shape of today’s industry.
Women constitute over 35 per cent of the 6.14 lakh-plus workforce at TCS. It is the largest employer of women in India in the private sector.
Former TCS CEO Rajesh Gopinthan drew Rs 29.16 crore in remuneration in FY23, an over 13.17 percent YoY increase from Rs 25.75 crore that he earned the previous year.
The new CEO K Krithivasan will earn a basic salary of Rs 10 lakh each month, but the biggest part of his salary will be the commission that is payable to him based on company performance.
In the internal note seen by Moneycontrol, Krithivasan reminisced about his early days, calling it a period of "continuous learning"
As he settles into his new role at the corner office, the new TCS chief executive will have to focus on ensuring growth in key markets such as the US and Europe, and striking the right balance between growth-focused large deal wins and small/ mid-sized deals, say analysts.
Rajesh Gopinathan will stay on till September to smooth over the transition for his successor, K Krithivasan, who takes over the mantle of CEO on June 1.
TCS, HCLTech, and Infosys' net additions fell sharply year on year in Q4FY23, with only 884 employees added on a net basis compared to 68,257 in Q4FY22.
The IT services behemoth sees slowdown in revenue growth and operating margins amidst worsening macro environment and client sentiments.
"This structure was put in place after all the internal discussion so there is no rush to do anything,” CEO designate K Krithivasan told analysts.
Subramaniam said TCS will have a centre of excellence around generative AI
Chief Human Resources Officer Milind Lakkad said that while there have been delays of 1-2 months in onboarding, the company has honoured all past offers.
Incoming CEO K Krithivasan, who heads the company’s BFSI vertical, said that sentiments were down in the sector as people rushed to save costs.
Outgoing CEO Rajesh Gopinathan will stay on till September 15 to help with the transition.
The net headcount addition in FY23 has seen a steep decline of 78 percent from FY22. The company had previously also attributed the decreased hiring in FY23 to increased hiring in the preceding fiscal.
A poll by CNBC TV18 shows that overall growth for Q4 is expected to be less than in Q3 as uncertainty continues to prevail amidst a tough business environment. QoQ revenue growth estimates have varied from 0.1 percent to 1.7 percent.
Tata Sons and IT behemoth Tata Consultancy Services declined to comment on the development.
A daily round-up of the most interesting articles to help jump-start the day.
A major reorganisation exercise launched early last year stirred discontent among senior leaders, with Gopinathan’s successor K Krithivasan even keeping his vertical out of the recast
Analysts also praised former CEO Rajesh Gopinathan for building a consistent business through the pandemic and amid macro-economic challenges. Though not extraordinary, growth has been in line with industry trends.
If he retired from TCS, Rajesh Gopinathan's tenure would have lasted for 13 more years. The new CEO's tenure will be for 7-8 years before he reaches retirement age
Strategy and priorities will be tweaked in accordance with market conditions but the core principle of working closely with customers will continue, Krithi Krithivasan tells media hours after being named TCS CEO designate
Krithivasan’s long tenure with the company and vast experience in the industry, makes experts positive on the smooth leadership transition ahead.