News: iGate results beat street estimates, to get new CEO within 8 weeks

C-Suite

iGate results beat street estimates, to get new CEO within 8 weeks

Software services company iGate expects to have a new chief executive in place in about six to eight weeks, the company's interim CEO, Gerhard Watzinger, said while announcing earnings for the April-June quarter which came in above analyst estimates. iGate had fired its chief executive Phaneesh Murthy in May for not disclosing a relationship with his subordinate.

Software services company iGate expects to have a new chief executive in place in about six to eight weeks, the company's interim CEO, Gerhard Watzinger, said while announcing earnings for the April-June quarter which came in above analyst estimates. iGate had fired its chief executive Phaneesh Murthy in May for not disclosing a relationship with his subordinate.

The Fremont, California-based company, which has most of its 28,000 employees in Bangalore, said its second quarter revenues grew 3% to $283.3 million (Rs 1,680 crore), which according to the company was the highest in 10 months. iGate said it won new technology contracts worth $600 million, including three multi-year deals valued at $100 million or more, during the three months to June. Watzinger said these large deals were closed after Phaneesh Murthy's exit, adding that Murthy's exit has not impacted iGate's relationship with its clients.

Source: Economic Times

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Topics: C-Suite, #Updates, #Movements

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