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Firstsource quote appoints Cognizant's digital operations head as new CEO

Vipul Khanna, has accepted the Company's offer for appointment with effect from August 2, the note said.

Updated: Jul 17, 2019, 07.52 PM IST
BENGALURU/MUMBAI: Cognizant's Global Head of Digital Operations, Vipul Khanna will be replacing Rajesh Subramaniam as the Managing Director & CEO of RP-Sanjiv Goenka Group company, Firstsource Solutions that works in the business process outsourcing space.

Vipul Khanna, has accepted the Company's offer for appointment with effect from August 2, according to a note on the exchanges.

Subramaniam's term expires on 31st July, 2019 and he 'expressed a desire not to seek reappointment' the note said. He was a part of the Firstsource co-founding team in 2001.

"He is going to develop a deep tech driven BPM business and likely to align with investors to fund the venture," a source with knowledge of Subramaniam's plans said.

Cognizant has been looking to reduce costs by trimming jobs on its top-heavy pyramid, as stated by the CFO of the New Jersey-headquartered company, Karen McLoughlin at an earlier analyst conference. The company slashed its guidance for revenue growth for 2019 from 7.0-9.0% to 3.6-5.1% in constant currency terms earlier this year.

The matter will be considered by the board at its next meeting on August 2. Firstsource Solutions reported a revenue growth of 8.2% in FY 19 at Rs 3,826 crore. The company said it had increased its revenue from digital services to 9% from 5% in FY 19 and is on track to increase it to 20% in the next two years, in its annual report.

Shares of Firstsource Solutions ended 2.11% higher at Rs 53.30 on the BSE on Wednesday.

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