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.
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.