The Hindu Business Line : Phaneesh named CEO of iGATE Corp

Bangalore, Feb. 27 iGATE Corp, an integrated technology and operations provider, said its board agreed to divest its professional services business, and named Mr Phaneesh Murthy as Chief Executive Officer effective April 1. He would succeed Mr. Sunil Wadhwani.

The professional services business would either be sold or spun off as a separate public company where the present shareholders would get one share for every share held, Mr. Murthy said in a telephonic interview.

He said iGATE is in regular discussions with different companies, but due to the slowdown in the economy, no decision has been taken as yet. The company is considering both options and would decide within three to four months, he added.

Mr Murthy said iGATE’s global solutions and professional services businesses are very different. The global solutions business has earnings almost three times higher than the other. While the global solutions business was 20 perc ent of the EBITDA, the professional services business was about seven to eight per cent of EBITDA, he added. iGATE said it has retained Credit Suisse Securities (USA) LLC to assist with the divestiture.

The company also said Mr Ramachandran Natesan, Chief Financial Officer of iGATE Global Solutions, would succeed Mr Michael Zugay as CFO of iGATE effective April 1.

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Phaneesh named CEO of iGATE Corp