TCS is the biggest newsmaker today; the stock is down in the red, less than 1.5%, declining to an intraday low at Rs.3145; the stock seems confused, swinging between gain and loss. The stock did not exactly crash but some unease remains on the counter due to the top management change.
The market was pretty perturbed when in a complete surprise move, Rajesh Gopinathan, the CEO of the company tendered in his resignation, which will become effective 15th Sept’23.
Reason for this resignation? “Resigned to pursue other interests,” is the stated answer.
Krithi Krithivasan, president and global head of TCS’s BFSI vertical, has been appointed as the CEO designate effective March 16 and Gopinath has assured that he will be around, “100%,” to ensure a smooth transition.
During an online Press meet, the outgoing CEO said, “Maybe for a quarter or two this disturbance will remain but growth has to come back, our customers have to transform and leverage all the digital technologies available with them.”