Tcs: TCS CEO-designate K Kirthivasan on economic crisis, return to office and more – Times of India
India’s largest IT services company Tata Consultancy Services recently announced that its CEO and managing director Rajesh Gopinathan has resigned and K Krithivasan will be the new CEO designate at the company. Krithivasan will take charge of the company from Gopinathan with effect from June 1. The term of his appointment is for a period of 5 years. Krithivasan is currently president and global head of the Banking, Financial Services, and Insurance (BFSI) Business Group at TCS. Krithivasan has been part of the global technology sector for over 34 years, having joined TCS in 1989. During his long tenure at TCS, he has held various leadership roles in delivery, customer relationship management, large program management and sales.
On April 12, TCS announced its fourth quarter results. The company reported 15% growth in its net profit at Rs 11,392 crore, while revenue from operations surged 17% for the March quarter. TCS’ order book for FY23 was strong with total contract value (TCS) at $34.1 billion, while fourth quarter TCV came in at $10 billion with an all-time high number of large deals. TCS CEO-designate K Krithivasan in an interview to Economic Times offered reassurance that the global macroeconomic difficulties affecting technology companies won’t materialise into a genuine crisis. Here are some key things Kirthivasan said.
On growing slower than Infosys
“We are very comfortable with our business model. Our model is going to be primarily asset light. We are focused on particular margins and aspirations, so we will work towards that,” said K Krithivasan when asked about TCS often being criticised for growing slower than Infosys.
Strategy to grow in uncertain times
“During uncertain times, customers are focused on controlling and reducing costs. So, it’s important to go to them and tell them proactively, if you do ( this) your spend will reduce and that could be spent on your transformation. So, our teams should and will go to the customers and say- these are the opportunities we see, where you can optimise and save and then enrich. That’s always been the approach,” said Kirthivasan when asked about growing in uncertain times.
Impact of global economic crisis
“I am not an economist but I do not expect it to worsen. If you look at the fundamentals of the US market, unemployment is still low despite issues like tech layoffs. And as we saw in the case of Switzerland (Credit Suisse), governments will ensure that the banks don’t fail. That confidence is there.”
Employees returning to office
When asked about his view on employees returning to office, Kirthivasan said that almost 50% employees are coming to office thrice a week and that the company plans to take this number to 70-80%. “Our stand was very clear on the way back- to- office. We want more and more people to come to work. We place a lot of emphasis and importance on what we call the TCS culture and TCS DNA. And we believe that when employees work together with their mentors and leaders they imbibe that knowledge. HR is working very hard. I think close to about 50% of folks are coming at least three days a week. We’ll take it up to 70-80%,” he said.
Long-term vision for TCS
I’m not going to give you any grand statement because our focus has always been culture and values which will not change. The fundamental pillars are going to be our customers and our associates.
On April 12, TCS announced its fourth quarter results. The company reported 15% growth in its net profit at Rs 11,392 crore, while revenue from operations surged 17% for the March quarter. TCS’ order book for FY23 was strong with total contract value (TCS) at $34.1 billion, while fourth quarter TCV came in at $10 billion with an all-time high number of large deals. TCS CEO-designate K Krithivasan in an interview to Economic Times offered reassurance that the global macroeconomic difficulties affecting technology companies won’t materialise into a genuine crisis. Here are some key things Kirthivasan said.
On growing slower than Infosys
“We are very comfortable with our business model. Our model is going to be primarily asset light. We are focused on particular margins and aspirations, so we will work towards that,” said K Krithivasan when asked about TCS often being criticised for growing slower than Infosys.
Strategy to grow in uncertain times
“During uncertain times, customers are focused on controlling and reducing costs. So, it’s important to go to them and tell them proactively, if you do ( this) your spend will reduce and that could be spent on your transformation. So, our teams should and will go to the customers and say- these are the opportunities we see, where you can optimise and save and then enrich. That’s always been the approach,” said Kirthivasan when asked about growing in uncertain times.
Impact of global economic crisis
“I am not an economist but I do not expect it to worsen. If you look at the fundamentals of the US market, unemployment is still low despite issues like tech layoffs. And as we saw in the case of Switzerland (Credit Suisse), governments will ensure that the banks don’t fail. That confidence is there.”
Employees returning to office
When asked about his view on employees returning to office, Kirthivasan said that almost 50% employees are coming to office thrice a week and that the company plans to take this number to 70-80%. “Our stand was very clear on the way back- to- office. We want more and more people to come to work. We place a lot of emphasis and importance on what we call the TCS culture and TCS DNA. And we believe that when employees work together with their mentors and leaders they imbibe that knowledge. HR is working very hard. I think close to about 50% of folks are coming at least three days a week. We’ll take it up to 70-80%,” he said.
Long-term vision for TCS
I’m not going to give you any grand statement because our focus has always been culture and values which will not change. The fundamental pillars are going to be our customers and our associates.
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