IT services cos navigate a year of changes at top

2023 marks highest number of CEO replacements in a year for the sector

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Eight information technology services companies, including two of India’s largest, have appointed new leaders in the last 12 months to steer the organizations, marking the highest number of CEO changes in a year for the IT services sector.

Of this, at least three changes were on account of relative underperformance, according to four executives who spoke with Mint. Besides, two CEOs announced their desire to step down after leading the respective companies for over a decade.

The sixth change of guard was due to personal reasons, while the remaining two were on account of business restructuring and change in ownership.

Incidentally, six out of the eight companies entrusted an external candidate, suggesting the companies’ boards opted for a shift in their current business approach. Three of the external appointments were at Infosys Ltd.