Tech Mahindra Ltd. appointed its Chief Executive Officer-designate Mohit Joshi as an additional director with effect from June 20.
He will hold this position until the annual general meeting scheduled on July 27, when his appointment as managing director-designate will be put to shareholder vote.
Joshi was named the managing director and CEO designate for five years starting Dec. 20, according to the company's March 11 filing. He will replace CP Gurnani, who retires on Dec. 19.
Joshi is likely to spend the intervening six months meeting clients, employees, and partners with Gurnani to ensure a smooth transition at the helm.
Joshi joins Tech Mahindra after spending over two decades at Infosys, where, in his final role as president, he led the financial services vertical—the biggest source of revenue for India's second-largest IT services firm.
He held executive responsibility for large deals, software, and transformation initiatives.
In less than six months, Infosys has lost two presidents—Ravi Kumar S. and Joshi—to rival IT firms, Cognizant Technology Solutions Corp. and Tech Mahindra. Both of them had been with the company for at least two decades.
Shares of Tech Mahindra rose as much as 0.55% during intraday trading on Thursday and closed 0.36% higher at Rs 1,081.5 apiece.
Infosys fell as much as 0.5% and closed 1.05% lower at Rs 1,286.8 apiece, according to Bloomberg data.
(Updates to correct an earlier version that misstated that Joshi was named the CEO-designate on June 15, 2023)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
