Hexaware Applied sciences Ltd on Wednesday ended chief government officer (CEO) Ramakarthikeyan Srikrishna’s 12-year tenure, naming EXL government Vivek Jetley as his successor in a transfer that palms the management of the IT companies firm to an outsider.
Jetley beforehand headed a $1.4 billion enterprise at EXL, overseeing its insurance coverage, healthcare and life sciences segments. He had been with EXL for 20 years, having joined the New York-headquartered enterprise course of outsourcing (BPO) agency in 2006.
Jetley was appointed CEO for a four-year time period after Hexaware’s 11-member board accredited Srikrishna’s resignation on Wednesday, selecting an exterior successor in an 18-minute assembly, in line with an organization assertion.
“Vivek brings a confirmed potential to scale companies, deepen enterprise relationships and construct Knowledge and AI-led progress platforms. As a significant shareholder in Hexaware, Carlyle is happy to help Vivek as he steps into this position, and thanks Keech for his contributions to Hexaware over the previous 12 years,” stated Sandra Horbach, Hexaware board member and chair of Americas Company Personal Fairness at Carlyle, within the assertion. Pennsylvania-based non-public fairness agency Carlyle owns 74.3% of Hexaware.
Srikrishna’s legacy
Srikrishna, 56, was amongst India’s longest-serving CEOs and oversaw Hexaware’s return to the inventory exchanges in February final 12 months. He’ll stay with the corporate as a senior advisor and is anticipated handy over the reins to Jetley on 28 October 2026.
Jetley turns into the corporate’s fourth chief government after Rusi Brij, P.R. Chandrasekar, and Srikrishna, who took cost in 2004, 2008, and 2014, respectively.
Srikrishna’s present five-year time period was set to finish on 1 March 2028. His departure comes 14 months earlier than the top of his tenure.
“Serving on this position has been one of the crucial fulfilling chapters of my skilled life, and I’m deeply grateful for the belief positioned in me by the Board, our shareholders, and the broader Hexaware household. Throughout my tenure, I’ve had the privilege of witnessing and contributing to a significant transformation of the corporate, each by way of monetary efficiency and the constructive affect we now have had on our associates, shoppers, and companions,” Srikrishna stated in his resignation letter.
Below Srikrishna, Hexaware turned the nation’s newest-listed tech companies agency and joined the billion-dollar membership when it returned to the inventory exchanges in February final 12 months.
The corporate’s inventory settled 1.3% decrease at ₹545.00 on the BSE on Wednesday.
Progress stays a sore spot
The corporate, which follows a January-December fiscal calendar as in opposition to Indian IT’s April-March, ended final 12 months with $1.54 billion in income, up 7.6% on a yearly foundation. It reported the third-fastest progress amongst the 13 tech companies corporations getting greater than a billion {dollars} in annual income. It lagged Coforge Ltd and Persistent Programs Ltd, which grew at 29.2% and 17.4%, respectively.
However, its working margin rose 80 foundation factors from a 12 months earlier to 14.4%. Solely Mphasis fared worse, with its margin unchanged at 15.3%.
Below Srikrishna, progress was nonetheless a sore spot as the corporate grew at a compounded quarterly fee of 1.76% between March 2025 and July 2026. This was decrease than friends Coforge, Mphasis, and Persistent Programs, which grew 7.62%, 1.82%, and three.81% throughout this time, respectively. Mint has taken March 2025 as its start line as a result of the corporate listed in February that 12 months.
This gradual progress comes in opposition to the backdrop of challenges from two of its 5 largest accounts together with Freddie Mac and Fannie Mae, which collectively made up about $150 million of its income as of June final 12 months.
Srikrishna’s last initiative was the introduction of a service providing known as Zero License, which might enable shoppers to make use of software program developed by Hexaware’s AI groups and host it on their very own servers. This is able to assist them keep away from software program licensing prices paid to firms reminiscent of Microsoft and Google.
At the least one brokerage gave this transfer a thumbs-up.
“We imagine HEXT (Hexaware) is providing one thing genuinely differentiated right here and can monitor deal wins/income conversion as the important thing monitorable. The February-era – ‘all SaaS is nugatory’ – narrative has ebbed, however per-seat SaaS alternative in these pockets stays a reputable, long-term alternative,” stated Motilal Oswal Monetary Providers analysts Abhishek Pathak, Keval Bhagat, and Suket Kothari, in a observe dated 23 August.
Nonetheless, shareholders haven’t been all that happy as the corporate’s inventory is down 28.72% for the reason that begin of the calendar 12 months, which is the worst amongst friends. Whereas Coforge’s shares have been up 18%, Mphasis and Persistent Programs’ shares have been down about 11% and 9%, respectively.
IT management shift
For now, the change of guard at Hexaware underscores a broader development at two of its friends in India’s billion-dollar IT membership.
Sonata Software program Ltd appointed former chief supply officer, Rajsekhar Datta Roy, as its chief government on 9 Might for 3 years, changing Samir Dhir, who left after the top of his time period.
A bit greater than two months later, India’s second-largest IT companies agency Infosys Ltd appointed Ashiss Kumar Sprint as its CEO-designate on 23 July. He’s anticipated to take over from Salil Parekh on 1 April 2027, when Parekh’s second time period ends after greater than 9 years on the helm.
Whereas Roy and Sprint are insiders who’ve been of their firm for greater than 20 years, Jetley is an exterior rent.
