iGate's search for CEO may be finally over

by CXOtoday News Desk    Aug 19, 2013

iGate

It seems like the long wait for the search of iGate’s CEO might finally be over. According to Economic Times, some sources have suggested that former Wipro co-CEO Girish Paranjpe is of the favorites in the race to replace former CEO Phaneesh Murthy.

After a long search head hunting agency Russell Reynolds Associates has shortlisted final contenders for the post. Among them were high profile candidates former Patni CEO Jeya Kumar,  Infosys director Ashok Vemuri, and Salil Parekh, who is currently heading Capgemini’s application services and financial services business unit. A source close to the development has said that Paranjpe is the favorite and will most likely accept the post. 

Despite most contenders being from engineering or technical backgrounds, IT companies are now starting the trend of hiring CEOs with varied profiles. This is mainly because the nature of outsourcing market is changing. Paranjpe is a chartered and cost accountant.

iGate has recently stated it plans to close the hiring process in fall and have a new CEO by end of August or early September. The new CEO will have quite a daunting task ahead with challenges of growing new business and retaining old ones. One of the main challenges will be to take care of their second biggest client attributing to 12 percent of its revenues, Royal Bank of Canada and tying up its buyout of Patni Computer Systems. iGate which had a little over $1 billion in sales in 2012, aims to achieve $ 3 billion sales by 2017.