K Krithivasan, who on Wednesday took over as the CEO and MD of Tata Consultancy Services (TCS), has said he sees an "exciting new journey" for India’s largest IT services firm.
“As we step into the next phase of TCS, we will continue our investments in key and emerging areas like Cloud, cyber security, 5G, IoT, Generative AI etc. with an unrelenting focus on customer relationship and impeccable delivery,” he said in an email to TCS employees.
“I look forward to connecting with you in the near future as I embark on this exciting new journey,” he said.
Krithivasan, the fifth CEO of TCS since it was founded in 1968, is taking charge at a time the industry is managing the emergence of generative AI and an uncertain macroeconomic environment.
Krithivasan earlier led the company’s largest vertical, BFSI (banking, financial services and insurance), and has held roles in delivery, sales, client management, and business management.
“I have had the opportunity to work with many of you and built long-lasting friendships, which I cherish the most. I have also had the opportunity to work with many of our key clients across different geographies and build deep customer relationships. I step into this role on the strength of these friendships and relationships,” he said.
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TCS’s growth has slowed down and some of its peers such as Infosys have done better.
The industry recorded double-digit growth when lockdowns to slow down Covid-19 boosted demand for digitisation but it now faces subdued expansion.
According to a report by ICRA, the growth rate for the sector in FY24 is expected to be in mid-single digits. Growth is slowing also because BFSI, the largest revenue contributor for all major IT services firms, has been under stress due to headwinds in the US and Europe.