Tata Consultancy Services' Rajesh Gopinathan has resigned as MD and chief executive office (CEO). He will be replaced by company veteran K Krithivasan.
Rajesh Gopinathan has stepped down as TCS CEO nearly four years ahead of the completion of his tenure. He led India's largest IT company for the last six years.
"I have never allowed myself to think about anything else but TCS, every waking minute I have thought of TCS. I plan on taking some downtime now, want to spend some time with my family" the outgoing CEO said.
TCS shares ended in the red on Friday at Rs 3,175 on NSE. TCS share price has nosedived around 9% in the last one month, but the stock has gained nearly 5% in the last 6 months.
TCS stock has given more than 165% in the last six years from February 2017 till March 16, 2023 during Rajesh Gopinathan's tenure, compared to more than 100% rise in the benchmark BSE Sensex.
Gopinathan has been at Tata Group since the beginning of his career. He joined Tata Strategic Management Group in 1996, and moved to TCS in 2001.
Since 2001, Rajesh Gopinathan has held various positions at TCS, including CFO between 2013–17, before being appointed as the CEO in February 2017.
“He (Gopinathan) continued the legacy of last CEO, delivering industry-leading growth among large-cap peers, adding over $10 billion in incremental revenue during his tenure," said Nuvama Research in a note.
Analysts at Nuvama believe TCS is a well-oiled machine, and has a long history of seamless transitions at all management levels. The brokerage maintains a 'buy' rating on TCS shares with a target price of Rs 4,100 per share.
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