Cognizant rejigs management team

Srinivasan V has been announced as new COO, he'll take over from Sridhar T, who has been moved to a newly created strategic initiatives portfolio

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IT services major Cognizant Technology Solutions (CTS), which cut its full-year revenue forecast for the second straight quarter, has realigned its management team. The company said that the realigned organisational structure would fully align with the transformative needs of its clients in the digital economy.

A new COO, Srinivasan V has been announced, who will take over from Sridhar T, who has been moved to a newly created strategic initiatives portfolio. Srinivasan was executive VP, products and resources at CTS. 

C Prasad would head the industry verticals in North America, Debashis Chatterjee, executive VP and president, technology solutions would control the delivery and Santosh Thomas would head the market operations of Latin America along with European Union and Asia Pacific (APAC), said the report.

In a statement, CTS said that the market is undergoing a major shift in the pace of digital technology adoption by clients, driven by new social, mobile, analytics, cloud, artificial intelligence, the Internet of Things, adaptive manufacturing, augmented reality and Blockchain technologies, to name a few. 

To compete in the digital economy, clients have to rewire their back-office (core IT systems) and transition it to a next-generation IT infrastructure, re-design their middle-office (core business process) so that they can be more competitive and agile, and reimagine their front-office (business and operating model, and customer experience) to provide a better experience to customers, employees, partners and other stakeholders. 

"Our realigned organisational structure brings together all of our talented teams to fully align with the transformative needs of our clients and helps us better support them in navigating the shift to compete in the digital economy,” stated the company.

Gordon Coburn, president, CTS, while commenting on the quarterly results this week said that the shift to digital continues to intensify and accelerate.

The company has cut its full-year revenue forecast (it follows a January-December financial year) for the second straight quarter, emphasising the challenges impacting the information technology sector. The US-based company has cut its full-year revenue growth estimate to $13.47 billion from $13.6 billion projected earlier. This represents a growth rate of 8.45-9.5%, one of the lowest ever for the company.