TCS appointed new CEO

Tata Consultancy Services (TCS) has announced that K Krithivasan will be taking over as the CEO of the company, effective immediately. as the Managing Director and Chief Executive Officer (CEO) Rajesh Gopinathan announced his resignation.
Rajesh Gopinathan dedicated 27 years to the Tata Group, including a long stint of 22 years at TCS. Gopinathan left the company with mixed emotions. Despite his attachment to the organization, he believed that it was the appropriate time for him to step down. “Overall it’s a day of mixed feelings for me. I am happy where we are. I am also a bit sad now that the reality of the momentousness of this step is slowly sinking in” -he added .
Krithivasan is another seasoned member of TCS, having served in various capacities for over two decades. Krithivasan has a strong track record of success at TCS, having played a key role in several significant projects and initiatives. He is widely respected in the company and industry for his leadership skills and strategic vision. Krithivasan is a native of Chennai and has been an integral part of Tata Consultancy Services (TCS) for over 34 years. He previously served as the President and Global Head of the Banking, Financial Services, and Insurance (BFSI) Business Group. It is TCS’s most profitable vertical in terms of revenue contribution, deals and business. In his new role, Krithivasan will be responsible for leading TCS into its next phase of growth and expansion.
Tata Group’s company stands out from its competitors, Infosys and Wipro, with a notably stable CEO history. In the span of 55 years, they have had only four CEO. Unlike their counterparts, Tata Group has maintained a consistent presence at the helm.
 It is unusual for CEOs to step down when they have four years remaining in their tenure. The timing of Gopinathan’s departure was unfortunate and coincided with deteriorating macroeconomic conditions in the US, which is the largest technology market.

Growth and development of TCS

Revenue for the reporting quarter increased by 18% to ₹55,309 crore from ₹46,867 crore in the previous year. However, the operating margin decreased by 1.60 percentage points to 24%, which impacted profit growth. In an Interview Chief Operating Officer N Ganapathy Subramaniam said ,(For) this year (FY23), probably we are there (double-digit growth). What we need to do is that in the remaining quarters, we just have to maintain the run rate and we will be able to achieve that, not a problem. In FY24, it is too early to call. The target is to stay on the double-digit growth,”.
During the initial half of this fiscal year, the Tata Group business experienced a substantial increase in revenue by 17.1%, reaching ₹1.08 lakh crore. TCS recently announced its September quarter net profit at ₹10,431 crore, which grew by 8.4%. However, margins were impacted and caused a decrease in profits.
Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *