Firstsource CEO steps down, Subramaniam elevated to the post

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BPO services provider Firstsource today said Matthew Vallance has resigned as Managing Director and CEO of the company and Rajesh Subramaniam has been appointed as his successor.

Subramaniam is currently the Deputy Managing Director and CFO of the company.

Vallance will continue serving the position till May 15, 2012, after which he will act an advisor to Firstsource, the company said in a filing to the BSE.

"While the decision to move from Firstsource was a difficult one, I feel the timing is right to hand over the reins to Rajesh," he said, adding, "I am confident that under the new leadership the company is well-equipped to progress in its next phase of growth."

Vallance joined Firstsource in 2002 and was appointed to the Board of Directors as Joint Managing Director in January 2010, and named MD and CEO in July 2010, it said.

Subramaniam was part of the founding management team at Firstsource in 2002 where he served as CFO. He re-joined the company as Deputy Managing Director and CFO in July 2011, it added.

"I am excited to take on this role and believe we are well positioned for greater success," Subramaniam said.

Firstsource provides customised business process outsourcing (BPO) services and has operations in India, US, UK, Philippines and Sri Lanka.