The former EXL executive begins a four-year term, succeeding Srikrishna Ramakarthikeyan after 12 years at the helm.
Vivek Jetley took over as CEO of Hexaware Technologies Ltd. (NSE: HEXT), an India-based IT services company, on Oct. 28. He succeeds Srikrishna Ramakarthikeyan, who led the company for 12 years.
The board approved a four-year term for Jetley on Sept. 2, according to a filing with the National Stock Exchange of India. The approval followed a recommendation from the company’s Nomination and Remuneration Committee. Ramakarthikeyan resigned in a letter dated Sept. 2, citing personal interests.
Hexaware said Jetley will focus on growth and the global expansion of its AI-led services model. Jetley said AI adoption is changing how IT services are delivered and that he will work with the company’s leadership team, employees and clients to navigate the shift.
Jetley exits EXL after nearly 20 years
Jetley’s departure from ExlService Holdings Inc. (Nasdaq: EXLS), known as EXL, was effective Oct. 26, the company said. He most recently served as president and head of its insurance, healthcare and life sciences businesses.
Jetley resigned Aug. 31 to pursue an opportunity outside the company, EXL said in a U.S. Securities and Exchange Commission filing. The resignation did not stem from a disagreement with the board or management, the filing said.
Jetley joined EXL in 2006 when it acquired Inductis, an analytics consulting firm where he was a partner. He previously served as president and head of EXL’s analytics business. Hexaware said he led several acquisitions at EXL and has more than 25 years of experience in AI, data, enterprise transformation and strategy. He began his career as a consultant at Mitchell Madison Group in New York, according to the filing. He holds an MBA from the Indian Institute of Management Calcutta and a bachelor’s degree in computer engineering.
Chairman, Carlyle executive weigh in
Larry Quinlan, Hexaware’s non-executive chairman, thanked Ramakarthikeyan on behalf of the board. Sandra Horbach, a Hexaware board member, said Carlyle Group Inc. (Nasdaq: CG), a major shareholder in the company, will support Jetley. She chairs Americas Corporate Private Equity at Carlyle.
Quarterly revenue climbs year over year
Hexaware reported revenue of $405.4 million in the quarter ended June 30, up 6.1% year over year in dollar terms, in results released July 29. The company had 34,506 employees at quarter-end across more than 30 countries.
Outgoing CEO leaves board, subsidiary roles
Ramakarthikeyan also resigned as CEO of Hexaware Technologies Inc., a wholly owned subsidiary, according to the filing. He also stepped down as whole-time director of Hexaware and as director of its subsidiaries.
The board approved his appointment as senior advisor, starting Oct. 28. He said he will support the leadership transition in that role.
