India's largest software services exporter Tata Consultancy Services Ltd (TCS) has extended the tenure of N Chandrasekaran as the company's chief executive officer (CEO) and managing director (MD) by five more years with effect from October 6, 2014, as per a stock market disclosure.
The re-appointment is, however, subject to necessary approvals of shareholders of the company.
Chandrasekaran was appointed as CEO and MD of TCS for a period of five years from October 6, 2009 to October 5, 2014.
Prior to becoming CEO and MD, he was chief operating officer and executive director. Chandrasekaran has been at helm of several key strategic transitions at TCS since 2002 when he took over the role as head of global sales. He started his career at TCS in 1987 and quickly climbed the hierarchal ladder.
Shares of TCS Tuesday closed the day at Rs 2601.30 per share, up 2.45 per cent from their previous close on the BSE.
During his tenure, TCS achieved several milestones and become the first Indian firm to cross the Rs 5,00,000 crore market capitalisation mark. Besides becoming the most valued Indian firm by market cap, its value is now equal to the aggregate value of the next four IT services firms in the country – Infosys, Wipro, HCL Tech and Tech Mahindra.
His reappointment comes at a time when its next biggest rival Infosys has just had a change of guard after a string of top-level management exits.
(Edited by Joby Puthuparampil Johnson)