Three Indian corporates recently witnessed high-profile exits. Two from IT companies Infosys and MindTree and another from Domino’s Pizza’s franchise Jubilant Foodwork s.
In the last one year to date, all these three companies’ stocks hadn’t performed well. Jubilant Foodworks was down 41 percent, Mindtree down 29 percent, Infosys down 5 percent. Although it is not fair to draw a correlation between high-profile exits and fall in prices, the Street was taken aback by the news.
Infosys’ Executive Vice-President and Global Head of Consulting Sanjay Purohit
was the seventh top-level executive to leave the company after Vishal Sikka took over as chief. He was responsible for developing the consulting business at Infosys with operations across 20 countries, serving Global 2000 corporations. Two months ago, Manish Tandon quit as the Executive Vice-president and Chief of Healthcare and Lifesciences Division at Infosys.
MindTree’s two Senior Vice Presidents Radha R and Veeraraghavan RK have resigned. Radha R headed digital business which contributed 40 percent of total revenue and Veeraraghavan headed Technology, Media & Services vertical which contributed 36 percent of total revenue.
Jubilant FoodWorks Chief Executive Officer (CEO) and whole-time Director Ajay Kaul has resigned after the Domino’s Pizza and Dunkin’ Donuts franchise posted its worst quarterly performance in April-June since its listing. Kaul will continue in his current role till March 31 2017, the company informed in its filing. He joined the company in March 2005.