Arun Jain will step down as Managing Director of Polaris Consulting and Services Ltd (formerly known as Polaris Financial Technology Limited).
The move comes even as the company spun off its product business into a separate entity, Intellect Design Arena.
“This is part of an entrepreneurial journey. We have built an established and matured services business, and the time is right to hand it over to professionals. This will give me more time to develop the products business where we will need to take on heavy weights such as Oracle and SAP,” Mr. Jain said.
Mr. Jain will continue as Chairman and mentor the services business growth.
The company has named Theodore Roosevelt Malloch as Vice-Chairman, and inducted him as a director on the board.
Mr. Malloch has served on the Executive Board of the World Economic Forum, which hosts the annual WEF meetings in Davos, Switzerland, and also held ambassadorial-level position in the United Nations in Geneva.
CEO Jitin Goyal has also been drafted into the board, and appointed as Executive Director.
Mr. Jain said Mr. Malloch would help in terms of networking and contacts.
Polaris Consulting and Services Ltd., the standalone services business, reported net profit of Rs.49 crore on revenue of Rs.477 crore for the second quarter ended September 30, 2014. These numbers are not comparable with the year-ago period due to the business split. In the first quarter, the services business posted a net profit of Rs.42 crore on revenue of Rs.474 crore.
“Now with the de-merger behind us and with a new identity, I am confident of the company restarting its growth journey. At this juncture, I am happy to handover the leadership responsibility to Jitin Goyal, and look forward to mentoring the growth of the company,” Mr. Jain said in a statement.
“As a stand-alone company, our PAT and EPS have improved, but we need to continue to improve our topline. Our strategy, as outlined last quarter, is to focus on digitization, data analytics, risk and compliance and payments transformation,” Mr. Goyal said in a statement. This strategy is beginning to yield results,” he added.
