Mar 17, 2023By: BI India Bureau
Rajesh Gopinathan resigned from his position as chief executive officer (CEO) and managing director of Tata Consultancy Services (TCS), effective September 15, 2023. Krithi Krithivasan – TCS’ global head of the banking, financial services and insurance (BFSI) business – has been named the new CEO-designate.
Gopinathan was named the managing director and CEO of TCS in 2017. He was reappointed for a second term in 2022, for a period of five years. He had served as the company’s chief financial officer from 2013 to 2017.
The IT major’s revenue jumped 63 percent from ₹1.18 lakh crore in FY17 to ₹1.92 lakh crore in FY22. At a press conference to discuss his resignation, Gopinathan said TCS had crossed big milestones – $7 billion in quarterly revenue, with an annual revenue run rate close to $28 billion.
Under Gopinathan’s leadership, the profitability of India’s second-largest listed company in terms of market capitalisation, rose by nearly 46 percent – from ₹26,357 crore in FY17 to ₹38,449 crore in FY22.
Under Gopinathan’s leadership, TCS has become the second-most valuable IT services company after Dublin-based Accenture. TCS’s brand value is at $17.2 billion, as per Brand Finance Report for 2023.
In the home market, the Tata Group firm is the largest IT services and consulting company – with a current market capitalisation of ₹11.63 lakh crore. Infosys is second, with a market cap of ₹5.96 lakh crore.
The IT major’s shares have risen 180 percent from January 2017 till March 17, 2023.
Under Gopinathan’s stewardship, TCS has successfully managed the challenges posed by the Covid-19 pandemic and continued to grow its business operations around the world.
“I will also be an integral part of TCS – irrespective of all the great heights that TCS will go to and will continue to soar. That is my biggest pride and happiness. We have built something of lasting value that we believe in. That is my greatest takeaway from TCS,” Gopinathan said at the press conference on March 17.