Just months back Xerox announced the separation into two firms, now appoints former I-Gate executive Ashok Vemuri as new CEO of the BPO firm
This is one of the breaking news, as more than 100 years old giant Xerox appoints Ashok Vemuri as the CEO of its new BPO arm. Ashok Vamuri will be joining on 1st July. He would be joining as executive vice-president until the separation is completed. This development comes eight months after the executive put down his papers at iGATE, after it was taken over by the French IT giant, Capgemini
Mr. Vemuri’s base salary at Xerox will be $1 million (Rs. 6.71 crore) per annum and he would be eligible for annual incentive plan. Chairman and CEO of the Xerox Company, Mrs. Ursula Burns says: “He is an excellent leader with the right combination of operational, financial and client experience to successfully drive our BPO Company’s go-forward strategy. I look forward to working with Ashok to successfully launch the new BPO Company and build on its position as an industry leader”. The revenue of the Xerox Company in 2015 was $7 billion! This company claims to be focused on growing markets like transportation, healthcare, commercial and government services.
Mr Vemuri served for 18 months as CEO of iGATE and spent 14 years of his career with Infosys before iGATE. During his time at iGATE, the company expanded its market share by 3 times. He succeeded the position of CEO from Phaneesh Murthy who was fired on the grounds of sexual harassment. His involvement of transacting the sale of iGATE to Capgemini got him a gain of $19.7 Million, because of his share holding in iGATE.
At Infosys he was seen as potential candidate for CEO but Mr. Vemuri felt that his probability of becoming CEO was a 33% chance with a waiting period of 18 to 20 months.
When he quit Infosys, Narayan Murthy said that he was not consulted on the issue of his resignation. “I was close to him since he was one of my mentees. He consulted me often on many matters and we were also good family friends. I must admit that he did not consult me on his decision to move on. I understand his predicament”.
Given the experience of two successful entrepreneurs, one must be excited to see where Mr. Vemuri will take Xerox’s new BPO firm to.
— Xerox (@Xerox) June 14, 2016