Following a lengthy innings at the company, Infosys president Mohit Joshi has decided to step down, with his last day set for June. Joshi’s exit closely follows the recent appointment of Cognizant CEO Ravi Kumar, who previously served as president of Infosys.
As a result of Mohit Joshi departing, the leadership at Infosys will undergo a significant shake-up. His role as president of the company mandated that he oversee the healthcare/life sciences and financial services sectors of Infosys.
Joshi was coveted by Infosys in their final attempt to keep him, but he had his sights set on a greater position within the company.
As of December 20, 2023, he will serve as Tech Mahindra’s CEO and managing director for 5 years, concluding on December 19, 2028. Sources have confirmed this information to SSV NEWS.
Mohit Joshi, the former President of Infosys, has been named the upcoming CEO and Managing Director of Tech Mahindra starting December 20. Following his resignation from Infosys after a 22-year tenure, Joshi’s appointment marks a noteworthy transition for the tech company.
Joshi, the newly appointed CEO, faces the challenge of addressing execution-related concerns. The focus is on striking a balance between industry-aligned revenue growth and healthy EBIT margins. Currently, the company’s transition from a Telecom-centric business to a more enterprise-oriented model has hit some roadblocks, according to analysts.
Tech Mahindra disclosed in a stock exchange filing that Joshi is set to assume the role of Managing Director and CEO on December 20.
The company announced the appointment of Mr. Mohit Joshi, (DIN: 08339247) as Managing Director and Chief Executive Officer, as well as Key Managerial Personnel under the Companies Act, 2013. His tenure will span five years, commencing from 20th December 2023 and concluding on 19th December 2028, both days inclusive.
With a statement to the stock exchange, Infosys made it known that Joshi would be taking leave and his final day of employment with the company was to be June 9.
He was in charge of the software division of Edgeverve Systems, which comprises our worldwide banking platform, Finacle.
As chairman, he held executive authority for major deals and orchestrated sales efficiency. Additionally, he took on the responsibility of Infosys’ internal applications and tech lineup.
Since 2000, Joshi has held various roles within Infosys. He once served as the leader of the company’s financial services operations in Europe. During his tenure as CEO of Infosys Mexico, a position he secured in 2007, Joshi was pivotal in establishing the corporation’s initial Latin American branch.
A seat on Aviva’s board of directors is just one of his notable roles.
Serving in Risk & Governance and Nomination committees are also among his regular duties.
Tech Mahindra released a statement announcing that Joshi will take up his position as CEO and MD prior to his official start date, providing ample time for a seamless transition.
At the recent investor conference, Gurnani assured attendees that there would be a smooth transition period from his tenure to the new CEO. He confirmed that he would support and guide the incoming leader and the rest of the management team throughout the transition process.
“The train is in motion. A smooth transition will take place between myself and the incoming leader. It’s apparent that the leadership team is here for the long haul, and I’ll be working alongside them to ensure that the handover goes smoothly,” he commented.
After serving as President of Infosys, Joshi’s tenure is set to conclude in June. Until then, he will be taking leave. This comes as another major departure for the company, following Ravi Kumar S’s departure in January. Kumar, a former Infosys President, assumed the position of Cognizant CEO.
The NRC’s Chairperson, TN Manoharan, conveyed in a statement that Mohit’s selection was the fruit of a thorough selection procedure, which scrutinized both internal and external candidates. Mohit’s proficiency in digital transformation, new technologies, and large deals will further fortify Tech Mahindra’s strategies and propel the company’s impressive growth trajectory forward, as stated by the Chairperson.
Industry experts have noted that the corporation must address its execution shortcomings, given its inability to achieve top-tier revenue growth rates and bolster its profit margins.
Following a recent investor meet, Nirmal Bang Institutional Equities stated in a note that the incoming CEO must prioritize improving execution. However, they fully concur with the company’s strategies.
According to the note, TML faced the daunting task of striking a delicate balance between industry-matching revenue growth and a commendable EBIT margin. This proved to be a challenge for the organization. However, the company has experienced a surge in net new TCV in recent quarters, which opens up opportunities for the incoming CEO to focus on client execution and extracting higher margins.