Archive · 15 Sep 2026
Coforge hires Egon Zehnder amid board governance concerns
Coforge is a technology services company that needs to strengthen its board.
It hired a search firm called Egon Zehnder to find two independent directors.
The search will also help choose a new board chair.
Chairman OP Bhatt resigned on September 8, and DK Singh resigned two days later.
Coforge said the two directors did not share part of a board evaluation report with the other directors.
The report had given Bhatt a low performance rating.
Vivek Sharma is leading the search but will not compete to become the permanent chair.
Coforge says its business plans, financial guidance, and large customer deals remain on track.
Some analysts are still concerned about governance and whether Sharma is fully independent.
Coforge hired Egon Zehnder to find two independent directors and help select its next board chair.
Chairman OP Bhatt and Nomination and Remuneration Committee chair DK Singh resigned in September after board disagreements.
Coforge said the two directors withheld Bhatt’s low performance rating from the board evaluation report.
Interim chair Vivek Sharma will oversee the search but said he would not seek the permanent chair position.
Management said strategy and financial guidance remain unchanged, while analysts questioned governance and Sharma’s independence.
- Who
- Coforge Ltd, former chairman OP Bhatt, former Nomination and Remuneration Committee chair DK Singh, interim chair Vivek Sharma, CEO Sudhir Singh, and executive search firm Egon Zehnder.
- What
- Coforge began a search for two independent directors and a new board chair after Bhatt and DK Singh resigned.
- When
- The search was announced Monday; Bhatt resigned on September 8 and DK Singh resigned two days later.
- Where
- The announcement was made during a Coforge investor and analyst call; no specific search location was stated.
- Why
- The search follows board disagreements and disclosures that Bhatt’s low performance rating was omitted from a board evaluation report shared with other directors.
Governance concerns
Management assurances
Board transparency
Governance concerns
The rapid resignations, reported disagreements, and withholding of board evaluation information raised concerns about transparency and board independence.
Management assurances
Coforge said the board acted in its fiduciary capacity, expanded the governance audit, and committed to high corporate-governance standards.
Business impact
Governance concerns
Analysts said the board dispute could affect investor confidence and raised questions about Coforge’s long-term strategy.
Management assurances
Management said the dispute would not materially affect finances, operations, strategy, or guidance, and said the company was nearing its ambition for a record number of large deals.
Vivek Sharma’s independence
Governance concerns
At least two analysts questioned whether Vivek Sharma was sufficiently independent to oversee the director and chair search.
Management assurances
Coforge said Sharma’s appointment followed an 11-month, third-party-led process that considered 21 candidates and shortlisted eight; Sharma also opted out of the permanent chair race.
- Search firm
- Egon Zehnder
- Board composition
- Seven members, including three independent directors after the resignations
- Current independent directors
- Beth Boucher, Vivek Sharma, and Anil Chanana
- Board departures
- OP Bhatt resigned on September 8; DK Singh resigned two days later
- Governance review
- Coforge expanded its governance audit to examine regulatory, financial, strategic, risk, ESG, CSR, investor-grievance, whistleblower, and internal-control matters
- Financial outlook
- Coforge maintained FY27 guidance, including a consolidated EBITDA margin of 20.5%-21% and minimum consolidated EBIT margin of 15.5%
- Recent performance
- Coforge reported $1.87 billion in annual revenue, up 29.2% year over year; its shares fell 6.1% last week
