Cognizant's co-founder to step down from the board
Francisco D’Souza, who co-founded Cognizant in 1994 is stepping down from the board of the company, effective 31st March. The news comes in a year after the IT services player brought in its first outside CEO.
D’Souza has also served as the company’s CEO from January 2007 through March 2019. He was elected to Cognizant’s Board of Directors in January 2007 and has also served as Vice Chairman since June 2018.
Where D’Souza is headed next remains unknown, but Cognizant has appointed the former managing director of Britannia Industries, Vinita Bali to join the board as an independent director.
Brian Humphries, Cognizant CEO appreciated D’Souza for spearheading the company all these years. He said, "Frank has been an extraordinary leader. He deserves enormous recognition for his achievements at Cognizant. On a personal level, I am fortunate to have him as a trusted confidant and sounding board."
For the American multinational, losing one of its co-founder could come as a strong hit. It could mark a new beginning for Cognizant, as CEO Humphries continues to introduce new strategies to transform its business.
Ever since Humphries took over as CEO, the company has gone through many changes. In fact, he has taken a slew of steps to invest and boost growth which have also impacted jobs at Cognizant.
In October, the Teaneck, New Jersey-headquartered company said it would cut as many as 7000 jobs, and exit content moderation impacting a further 6000 employees, to slash costs and focus on key businesses. As per the latest update, the company has spent $49 million to pay for the employees it has let go and $29 million to retain key employees in the December quarter, as it restructures its business.
People and leadership changes at Cognizant are probably expected to continue as the business continues to restructure to cope with the disruptive changes and manage costs.
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