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Months after the <a href="http://www.businessinsider.in/searchresult.cms?query=Capgemini+">French IT giant Capgemini </a>acquired <a href="http://www.businessinsider.in/searchresult.cms?query=iGate">iGate</a>, a New Jersey-based IT firm, <keyword id="376348" type="PERSON" weightage="20" keywordseo="Ashok-Vemuri">Ashok Vemuri</keyword>, the CEO of <keyword id="20356" type="CITY" weightage="20" keywordseo="igate">iGate</keyword> announced his exit from the organisation. 
 As per an official statement by <keyword id="10863" type="COMPANY" weightage="20" keywordseo="CapGemini">Capgemini</keyword>, Vemuri resigned from the company to pursue other interests. 
 
In April this year, Capgemini striked a $4 billion deal to acquire iGate. 
 
Requesting anonymity, official sources informed that iGate finance chief Sujit Sircar would now take the interim responsibility of the role. Sircar, however, declined to make any comment on the matter. 
 
If reports are to be believed, Vemuri is set to walk away with a handsome amount in his pockets. As per the regulatory filings, his share in iGate was worth $19 million following the Capgemini acquisition. The move must have affected his final package, but there are no details available so far. 
 
Vemuri was recently elevated to Capgemini’s group management board, the company’s highest executive decision-making body, reported The Economic Times. 
 
Vemuri’s plans of quitting were widely speculated at the time when Capgemini bought iGate that eventually resulted in a major organisational overhaul and exits of a number of executives. 
 
It has also been said that Vemuri ditched iGate's "iTops" strategy that had been crafted by his predecessor Phaneesh Murthy, the former Infosys global sales head. 
 
Prior to iGate, Vemuri spent 15 years at India's second largest software exporter Infosys where he was a board member and held a number of roles, including head of Americas and head of the banking and financial services business. 
Image: indiatimes

iGate CEO Ashok Vemuri quits

<a href="http://www.businessinsider.in/searchresult.cms?query=iGate">iGate</a> CEO <keyword id="376348" type="PERSON" weightage="60" keywordseo="Ashok-Vemuri">Ashok Vemuri</keyword> has been elevated to <keyword id="10863" type="COMPANY" weightage="80" keywordseo="CapGemini">Capgemini</keyword>'s highest executive decision making body. He is now part of the company’s group management board. 
 
The decision to promote Vemuri comes months after the Paris-based <a href="http://www.businessinsider.in/searchresult.cms?query=IT+services">IT services</a> giant bought the Fremont, <a href="http://www.businessinsider.in/searchresult.cms?query=California">California</a>-based outsourcing firm for $4 billion, reported the Economic Times. 
 According to two people familiar with the move, Vemuri is part of the board along with other top executives such as chairman and chief executive Paul Hermelin; deputy CEO Salil Parekh; consulting and BPO head Olivier Sevillia; infrastructure services business Patrick Nicolet; group CFO <keyword id="1484699" type="PERSON" weightage="60" keywordseo="Aiman-Ezzat">Aiman Ezzat</keyword> and people management and transformation head <keyword id="1433443" type="PERSON" weightage="100" keywordseo="Hubert-Giraud">Hubert Giraud</keyword>. 
 
A <a href="http://www.businessinsider.in/searchresult.cms?query=Capgemini+">Capgemini</a> spokeswoman confirmed the development in an email to the financial daily: "We can confirm that Ashok Vemuri has joined Capgemini’s GMB (Group Management Board)." 
 Other top <keyword id="20356" type="CITY" weightage="100" keywordseo="igate">iGate</keyword> executives have also been given new roles such as HR head <keyword id="1828560" type="PERSON" weightage="80" keywordseo="Srinivas-Kandula">Srinivas Kandula</keyword> is now leading the integration with Capgemini from iGate's side, the people mentioned above said. 
 
In April, CapGemini said it would buy iGate, which has most of its operations and employees in India, for $4 billion in cash to create an entity with a combined revenue of about $14 billion to gain access to the world's largest technology market, North America, and some of iGate's customers like <a href="http://www.businessinsider.in/searchresult.cms?query=General+Electric+">General Electric</a> and <keyword id="141194" type="CITY" weightage="80" keywordseo="Royal-Bank-of-Canada">Royal Bank of Canada</keyword>. 
 
(Image: Indiatimes)

iGate CEO Ashok Vemuri now in Capgemini’s management board

<keyword id="10863" type="COMPANY" weightage="80" keywordseo="CapGemini">Capgemini</keyword> announced yesterday that it would acquire <keyword id="20356" type="CITY" weightage="80" keywordseo="igate">IGate</keyword> for a whopping $4.04bn. A lot of you must have been wondering, where and to whom does all this money go to? In fact, some of you must have also wondered how one arrives at this mind boggling amount! Well, the company’s valuation based on its market capex aside, we at Business Insider have put together a list of names who will benefit the most from this deal. 
 
We have created a list of 9 people, entities, who will pocket several millions just by way of shareholding, which will give you a fair idea into how ne arrives at the $4 bn deal figure. 
 
<keyword id="218609" type="COMPANY" weightage="80" keywordseo="Apax-Partners">Apax Partners</keyword>, PE Firm, and largest stakeholder: $1.1 bn from 2,33,84,095 shares 
 
<keyword id="1042242" type="PERSON" weightage="80" keywordseo="Sunil-Wadhwani">Sunil Wadhwani</keyword>, Founder: $504.2mn from 1,05,06,075 shares 
 
<keyword id="1042241" type="UNKNOWN" weightage="80" keywordseo="Ashok-Trivedi">Ashok Trivedi</keyword>, Founder: $497.2mn from 1,03,59,175 shares 
 
<keyword id="376348" type="PERSON" weightage="60" keywordseo="Ashok-Vemuri">Ashok Vemuri</keyword>, CEO: $19.7mn from 4,00,000 shares 
 
Derek Kemp, EVP, Global Head Strategic Deals Team: $7.2mn from 1,50,000 shares 
 
Sanjay Tugnait, Head Americas: $7.2mn from 1,50,000 shares 
 
Sujit Sircar, CFO: $6.9 mn from 1,45,142 shares 
 
Srinivas Kandula, Global Head, HR: $6.9mn from 1,44,573 shares 
 
Satish Joshi, EVP and CTO: $6mn from 1,26,660 shares 
 
The IGate journey IGate was founded by Sunil Wadhwani and Ashok Trivedi in 1996. It went public on NASDAQ the very same year. Post a stellar few years of growth, IGate made a bid for its first major acquisition, acquiring majority stake in <keyword id="46908" type="COMPANY" weightage="80" keywordseo="patni-computers">Patni Computers</keyword> in 2011, delisting the firm a year later. Wadhwani and Trivedi roped in Apax Partners to complete the Patni acquisition, making the private equity firm a key stakeholder in the merged entity with 28.9% stake valued today at close to $1.5 bn. 
 
Given the strong growth momentum, it didn’t take long before IGate breached the $1bn revenue mark in 2012, soon after the Patni acquisition. Around May 2013, the company was riddled by an internal controversy that blew out of proportions and seriously threatened its reputation as a ‘well-governed’ company in the market. It was then that Phaneesh Murthy, its former CEO was fired over failure to disclose his personal relationship with a subordinate in the company. 
 
After several months of scouting, Wadhwani and Trivedi zeroed-in on Ashok Vemuri to takeover as IGate’s new CEO, in September 2013. Vemuri, then Infosys' board member who was also head of Americas besides chief of the manufacturing and engineering vertical, as president and chief executive officer, was known to harbour aspirations of taking over Infosys as its CEO. Once offered, Vemuri didn’t think twice before making the move. 
 
In fact, when Vemuri had quit Infosys, he was already one of the top contenders to become the firm’s first CEO, who wasn’t a co-founding member. Within the IT circuit it is said that Vemuri had had enough with the wait and watch game and decided to take on IGate’s offer almost as soon as it was made to him. 
 
In 2013, IGate also reached the $ 2bn market capex mark and completely reorganised the company in 2014 into vertical-based business units.

9 people who pocketed millions all because of the
Capgemini-IGate deal. Here’s how much each of them made

A year ago, when <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> brought back iconic co-founder <keyword id="51793" type="ORGANIZATION" weightage="100" keywordseo="NR-Narayana-Murthy">NR Narayana Murthy</keyword> as executive chairman, about two years after his retirement, in a bid to revive the sagging fortunes of the $8.2-billion <keyword id="2283995" type="UNKNOWN" weightage="100" keywordseo="IT-behemoth">IT behemoth</keyword>, the decision was welcomed with much fanfare. 
 <keyword id="6359051" type="COMPANY" weightage="100" keywordseo="investors">Investors</keyword>, who showed confidence when Murthy announced a three-year turnaround plan, are worried today. In the months following Murthy's return, Infosys saw exits of some of its top executives. Among others, the company saw resignations of board members <keyword id="376348" type="PERSON" weightage="80" keywordseo="Ashok-Vemuri">Ashok Vemuri</keyword>, V Balakrishnan and, more recently, <keyword id="675707" type="ORGANIZATION" weightage="100" keywordseo="BG-Srinivas">BG Srinivas</keyword>. 
 
The three were once seen as top contenders to become the CEO of Infosys after incumbent SD Shibulal’s retirement by January next year. These exits, analysts believe, affected Infosys’ business. SD Shibulal, the chief executive officer and managing director of Infosys, will step down by January next year. 
 
Anil Singhvi, a Shareholder activist, said BG Srinivas' exit had jolted investors. Srinivas, the latest to exit, was president of the company and a man who many saw as the leading contender for the CEO position. 
 
"Whatever Murthy may say in his letters (assuring employees and investors), there is much to be desired in Infosys. In the last three to four months, the company's stock price has dropped from the Rs 3,500 levels to Rs 2,900. The way the markets have been reacting to the Modi factor, one should have seen the Infosys stock price at the Rs 4,000 level," Singhvi said. 
 
He said the genesis of what's happening now is the re-entry of Murthy. "Bringing his son along with him was Murthy's biggest mistake. Many investors at that time were apprehensive but didn't speak out. People in the management who were in the company for 10 to 15 years have quit. At the end of the day, what is the difference between the Gandhi family and the promoters of Infosys? How long do the promoters want to sit at the helm of the company?" he asked. 
 
Shriram Subramanian, founder and MD of independent proxy advisory and governance research firm InGovern, said the departure of several top executives, especially during the CEO selection process, was a concern. 
 
Investors are worried about leadership development and succession planning, he said, and added that several FIIs and one large Indian institutional investor, who he declined to name, had raised concerns about the CEO selection process. 
 
Subramanian also said the promoters should opt out of executive and non-executive roles and should not even be on the board. Such a step will at least make the company a truly widely-held company with no promoter on its board, he added. 
 
Infosys is one of the few, if not the only Indian listed company, where FIIs hold a 42.1% stake and domestic institutional investors hold 13.66% stake. The promoter group holds only 15.94% and retail investors hold 28.3%. 
The Annual General Meeting of Infosys, which is scheduled to be held on June 14, will reveal whether the management will say anything about these concerns of the investors.

Infosys Investors Lose Confidence In Murthy After Exodus Of Top Executives

If you think <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>’s prolonged search for the next <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword> is getting a bit nutty, especially with a disgruntled <keyword id="62333" type="PERSON" weightage="60" keywordseo="Steve-Ballmer">Steve Ballmer</keyword> waiting on the sidelines to hand over the mantle, you are not far from the truth. But then, that is the actual state of the coveted C-Suite nowadays – volatile is the right word if you want to sum it up. There is no job security at the top and even the best performer for years can get redundant within the span of a few weeks. The issues could be many – right from <keyword id="646347" type="UNKNOWN" weightage="100" keywordseo="poor-performance">poor performance</keyword> to <keyword id="610960" type="UNKNOWN" weightage="100" keywordseo="business-restructuring">business restructuring</keyword> to alleged <keyword id="6375736" type="UNKNOWN" weightage="100" keywordseo="corruption-charges">corruption charges</keyword>. But the biggest factor is relevance, a perfect future-fit that can take companies ahead, according to <keyword id="67736" type="UNKNOWN" weightage="100" keywordseo="Industry-experts">industry experts</keyword>. In a difficult <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, companies are compelled to twist and turn to keep track of profitability and their requirements change accordingly. Hence, their leaders have to adapt, shape up or ship out, as the case might be. 
 India is no exception and business leaders across the country have been frequently ‘released’ by industry giants. Many of them leave with ‘immediate effect’ while others are on garden leave or worse still, waiting for their predecessors to turn up (just like Ballmer). Yet, most of the C-Suite executives are tight-lipped about their departures, at least here in India. We are yet to come across an announcement like the one made by <keyword id="384914" type="PERSON" weightage="60" keywordseo="Groupon">Groupon</keyword>’s founder and former CEO <keyword id="488139" type="PERSON" weightage="60" keywordseo="Andrew-Mason">Andrew Mason</keyword>. But exit happens all the same – be it discreet or blatant. Here’s a quick look at some of the top-notch C-Suite executives from India who parted ways with their respective companies in 2013, their official exit lines and what happened behind the scene.

You Searched For "Ashok Vemuri" and got 5 results

iGate CEO Ashok Vemuri quits

BI India Bureau

iGate CEO Ashok Vemuri now in Capgemini’s management board

BI India Bureau

9 people who pocketed millions all because of the Capgemini-IGate deal. Here’s how much each of them made

Debdatta Das

Infosys Investors Lose Confidence In Murthy After Exodus Of Top Executives

BI India Bureau

Strife At The Top: These 11 C-Suite Execs From India Were ‘Let Go’ In 2013

Sanghamitra Mandal

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