Singapore’s sovereign wealth fund Temasek-backed Firstsource Solutions Ltd, a Mumbai-based BPO (formerly ICICI OneSource), has announced that its managing director and CEO Matthew Vallance is stepping down in order to pursue other opportunities. The company’s board of directors has appointed Rajesh Subramaniam, currently the deputy managing director and CFO, as Vallance’s successor. Vallance’s resignation comes into effect from May 15 and after that, he will help the firm in an advisory role.
Vallance has been with Firstsource for 10 years and he has been the MD & CEO for the last two years. He was appointed to the board as the joint managing director in January 2010 and was promoted to his current role in July that year.
Subramaniam joined the founding management team of Firstsource in 2002 and served as the CFO. He had also prepared the company for its IPO in 2007. Subramaniam was the India MD of Walden International (the first Silicon Valley-based venture firm to establish a presence in India) during 2008-2011 but re-joined Firstsource as deputy managing director and CFO in July 2011.
Firstsource serves healthcare, telecom, media, banking and financial services industries, and has operations in India, the USA and the Philippines. Over 2,60,000 employees across 41 offices worldwide cater to Fortune 500, FTSE 100 and Nifty 50 companies.