50 mins ago
Hexaware Names EXL Executive Vivek Jetley CEO as Srikrishna Exits
Hexaware is an information technology company that is changing its chief executive.
Vivek Jetley, who worked at another company called EXL, will become the new CEO.
Ramakarthikeyan Srikrishna is leaving the CEO job after 12 years.
He will stay temporarily as a senior adviser to help with the transition.
Jetley has managed a large business involving insurance, healthcare and life sciences.
Hexaware grew its revenue last year, but its growth was slower than some competitors.
The company’s shares have also fallen sharply this year.
The change gives Hexaware a new leader as it tries to improve growth and develop artificial-intelligence services.
Hexaware appointed EXL executive Vivek Jetley as CEO for a four-year term.
Ramakarthikeyan Srikrishna resigned after 12 years and will become a senior advisor.
Jetley previously led EXL’s $1.4 billion insurance, healthcare and life sciences business.
Hexaware reported $1.54 billion in revenue last year, growing 7.6% year over year.
Hexaware shares fell 1.3% Wednesday and are down 28.72% this year.
- Who
- Hexaware Technologies, outgoing CEO Ramakarthikeyan Srikrishna, incoming CEO Vivek Jetley, and majority shareholder Carlyle.
- What
- Hexaware appointed Vivek Jetley CEO after approving Srikrishna’s resignation.
- Where
- Hexaware is an India-based IT services company; Carlyle is based in Pennsylvania and EXL is headquartered in New York.
- When
- The change was announced Wednesday; Jetley is expected to take over on 28 October 2026.
- Why
- The board selected a new leader as Hexaware faces slower growth, weaker share performance, and the need to expand its business.
Leadership rationale
Performance concerns
Choice of an external CEO
Leadership rationale
Hexaware and Carlyle said Vivek Jetley has demonstrated an ability to scale businesses, strengthen enterprise relationships, and build data- and AI-led growth platforms.
Performance concerns
Jetley is an outsider taking over after Srikrishna’s long tenure, creating a leadership transition while the company faces slower growth than several peers.
Business strategy
Leadership rationale
A brokerage described Hexaware’s Zero License offering as differentiated and said replacing per-seat software subscriptions could be a credible long-term opportunity.
Performance concerns
The offering still needs to produce deal wins and revenue, and Hexaware’s growth has lagged Coforge and Persistent Systems.
Shareholder outlook
Leadership rationale
Hexaware returned to the stock exchanges under Srikrishna and joined the billion-dollar technology-services group, while its operating margin improved to 14.4%.
Performance concerns
The company’s shares have fallen 28.72% this year, the worst performance among the peers cited, and shareholders have not been fully satisfied.
Key facts
- Incoming CEO
- Vivek Jetley, formerly an EXL executive
- Outgoing CEO
- Ramakarthikeyan Srikrishna, who led Hexaware for 12 years
- Jetley’s term
- Four years
- Carlyle ownership
- 74.3% of Hexaware
- Latest annual revenue
- $1.54 billion, up 7.6% year over year
- Operating margin
- 14.4%, up 80 basis points year over year
- Share performance
- Hexaware stock fell 1.3% Wednesday and 28.72% since the start of the year
Quotes
Sandra Horbach
Hexaware board member and chair of Americas Corporate Private Equity at Carlyle
“Vivek brings a proven ability to scale businesses, deepen enterprise relationships and build Data and AI-led growth platforms. As a major shareholder in Hexaware, Carlyle is excited to support Vivek as he steps into this role, and thanks Keech for his contributions to Hexaware over the past 12 years”
livemint.com
Ramakarthikeyan Srikrishna
Outgoing Hexaware chief executive officer
“Serving in this role has been one of the most fulfilling chapters of my professional life, and I am deeply grateful for the trust placed in me by the Board, our shareholders, and the broader Hexaware family. During my tenure, I have had the privilege of witnessing and contributing to a meaningful transformation of the company, both in terms of financial performance and the positive impact we have had on our associates, clients, and partners”
livemint.com
Sources
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