The new VC to focus his attention on brand creation in India
The plan will come into force from January 2007Second quarter revenue up at $337 million
CHENNAI: Cognizant Technology Solutions has put in place a succession plan, setting a new benchmark for organisational transparency. The plan will come into force from January 2007.
Cognizant will see its current President and CEO, Lakshmi Narayanan, elevated as Vice- Chairman of the board of directors and Chief Operating Officer Francisco D'Souza step into the latter's shoes on January 1, 2007. On that day, Mr. D'Souza will also be inducted into the board. In addition, Gordon Coburn, now Chief Financial Officer, will be promoted as Chief Financial and Operating Officer.
Nasdaq-listed Cognizant, whose shares are widely held, also announced a couple of additional appointments, which come into effect immediately. Chandra Sekaran, an Executive Officer since 2004, has been promoted as President and Managing Director (Global Delivery). He will oversee the company's development operations around the world. Rajeev Mehta, who has been promoted as Chief Operating Officer (Global Client Services) and added to the executive team, will assume responsibility for the company's sales, business development and client relationship management organisations.
Mr. Sekaran and Mr. Mehta will report to Mr. D'Souza.
"This is a well-thought-out plan. We have been discussing this for the last one year,'' said Mr. Lakshmi Narayanan.
Mr. Lakshmi Narayanan said he hoped to focus his attention on brand creation for the company in India.
Mr. D'Souza will continue to be based in the U.S. He has 17 years' experience in the IT industry in operational, management and advisory roles and was part of the team that founded Cognizant in 1994.
Meanwhile, the company's revenue for the second quarter increased to $336.8 million, up 18 per cent sequentially from $285.5 million in the first quarter of 2006, and up 59 per cent from $211.7 million in the second quarter of 2005.