Syntel CEO quits, Ranade elevated to fill position

Keshav Murugesh, President and Chief Executive Officer of Nasdaq-listed Syntel — a global information technology services and knowledge process outsourcing (KPO) company — today gave in his resignation.

It was only a couple of weeks earlier that Neeraj Bhargava, CEO of India’s second-largest BPO company, stepped down to start a private equity venture. The company is yet to announce a new CEO.

When asked, Murugesh declined to comment on the development. In a reponse to an email, the company said: “The company appoints Prashant Ranade to the position of Chief Executive Officer and President, effective immediately. Syntel’s former President and CEO, Keshav Murugesh, has resigned from Syntel to pursue other opportunities.”

Syntel, with a headcount of 12,000 people, had a revenue of $401 million (Rs 1,900 crore) for the year 2008. The company was founded by Bharat Desai in 1980. Murugesh had been with the organisation for over eight years. He was promoted to CEO in January 2009. He joined Syntel in 2002 as Chief Financial Officer. In 2004, he was promoted to the role of Chief Operating Officer and was named President and COO in 2006.

Ranade has more than 30 years of leadership experience in large global corporations, coupled with deep domain knowledge in healthcare and life sciences, high-tech engineering and manufacturing, and supply chain and logistics automation. He has been a member of Syntel’s Board of Directors since June 2007 and earlier served as President and CEO of Siemens Logistics & Assembly Systems.