IT services firm Coforge Ltd has appointed former Bharti Enterprises vice-chairman Akhil Kumar Gupta as its chairperson and non-executive independent director for five years, effective Tuesday. This appointment is subject to the approval of shareholders, as stated in a regulatory filing to the stock exchanges.
Background
The decision follows weeks of intense boardroom turmoil triggered by the abrupt resignation of former chairman and veteran banker O P Bhatt on September 9. Bhatt resigned after an internal audit revealed that he had withheld a board evaluation report that assigned his own performance the lowest rating. The fallout from this incident wiped out more than ₹4,400 crore in the company's market valuation as shares tumbled over 5 percent.
The situation escalated further when D K Singh, chairperson of Coforge's nomination and remuneration committee (NRC), also resigned, citing "differences" and "tension" between independent and executive directors.
Interim Leadership
Following these exits, the company appointed non-executive independent director Vivek Sharma as interim chairperson and engaged global executive search firm Egon Zehnder to assist in the search for new leadership.
