After acquiring 95.4 per cent stake in Hexaware Technologies last year, the Carlyle Group has taken control of the Indian IT services company’s board. The Indian company on Thursday announced its new board with six representatives from Carlyle’s team. Michael W. Bender, Non-Executive Chairman and Senior Partner Emeritus of McKinsey & Company, will take over as non-executive chairman of the IT company.
Top executives from the Carlyle Group include Sandra Horbach – MD and Co-Head of US Buyout & Growth at The Carlyle Group; Patrick McCarter – MD and Head of Global Technology; Julius Genachowski – MD, US Buyout; Lucia Soares – MD and CIO, Global Investment; Neeraj Bharadwaj – MD, Asia Buyout, and Kapil Modi – MD, Asia Buyout. Apart from them, Joseph McLaren Quinlan – Independent Director and former Deloitte CIO, will join the board.
Hexaware’s current CEO R Srikrishna, will continue to serve as Executive Director on the board, while Milind Sarwate will continue in his role as Independent Director.
“I would like to welcome each board member to Hexaware. We continue to experience strong growth and believe the vast experience the new board members bring, as well as the strength of Carlyle’s brand and its value creation expertise will enable us to further accelerate development and expand on our global customer base,” Srikrishna said.
“There’s a lot of people from Carlyle on the board, but it is predominantly an American team. There are three people from India and rest from the US. The board is very focussed on enabling growth, not following restrictive governance and a substantial focus is on how to grow the company better. That’s the most important change. The fact that majority of the board is from the US, they are very connected to where our bigger customer base is. The board helps in opening new doors for us which we were not able to on our own,” he told BusinesLine.
“Hexaware has played an important role in revolutionizing the IT services industry. I am excited to join the Hexaware board to help guide the team as the company embarks on its next phase of accelerated growth and expansion globally,” said Bender, added.
The company expects to grow its revenue organically by over 20 per cent in CY 2022, claiming to be one of the fastest growing technology companies in India. In CY 2021, the company clocked new deals worth $385 million from new clients, an all time high for the company, which Srikrishna said was a 25-30 per cent growth from earlier year.
The company currently employs 25,000 employees globally across 18 countries and plans to add over 10,000 employees in 2022.