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Ashok Vemuri

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Ashok Vemuri
Born (1968-04-22) April 22, 1968 (age 56)
New Delhi, India
CitizenshipIndian-American
EducationSt. Stephen's College, Delhi
Alma materIndian Institute of Management, Ahmedabad
OccupationBoard of Director
Years active1992-present
OrganizationKroger
Known forInfosys

Ashok Vemuri (born April 22, 1968) is an Indian-American business executive,[1][2] and Board of Director for Financial Policy and Public Responsibilities at Kroger.[2][3] Vemuri was the former chief executive officer of IGATE and Conduent.[4]

Early life and education

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Ashok Vemuri was born on April 22, 1968,[1] and spent his childhood in India.[5][6] He received a bachelor's degree[7] in physics from St. Stephen's College, Delhi.[8] Vemuri subsequently completed his postgraduate diploma[7] in business management at the Indian Institute of Management, Ahmedabad,[8][7][9] which is equivalent to a master's degree.[7]

Career

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Early positions and Infosys (1992–2013)

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In 1992[10] Vemuri began working in investment banking at Deutsche Bank AG[11] and Bank of America.[8] Vemuri joined Infosys[10] in 1999,[7] where he went on to work closely with[8] and be mentored by Narayana Murthy,[10] the co-founder and then-CEO of the company.[8] As of May 2003, Vemuri was serving as vice president and regional manager of sales for Canada and the northeast region of the United States.[12] After management changes in June 2009, Forbes India reported that "Subhash Dhar, Ashok Vemuri, V. Balakrishnan and B.G. Srinivas... are now coming under [the limelight at Infosys]. These five are among a band of leaders being groomed to take over from the founding team."[13] Vemuri was soon serving as a senior vice president[14] of Infosys,[7] and became a member of the company's executive council.[14]

Vemuri went on to hold management roles at Infosys. For a time he served as chairman of the company’s operations in China,[8] also serving on the boards of Infosys in the Americas[10] and Infosys Public Services.[8] Beyond heading Infosys' operations in Canada and eastern North America,[7] he furthermore headed both the Financial Services & Insurance Business division and the Banking, Capital Markets & Strategic Global Sourcing division.[7] Vemuri was appointed to the board of Infosys in June 2011, while retaining his roles as senior vice president and chief of the banking division.[15] Infosys appointed Vemuri the global head of its Manufacturing & Engineering Services division in April 2012.[7] Despite speculation in the press that Infosys was considering Vemuri as a choice for CEO,[9] in September 2013[7][16] the press reported that he would instead by joining iGATE.[16]

Work with iGATE (2013–2014)

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On September 16, 2013, Vemuri was appointed CEO and president[7] of the IT services provider iGATE,[7][16] Early in his tenure, Vemuri assured shareholders that the $770 million in debt accrued by iGATE in 2011 would be dealt with in the "near-term," and by March 2014 iGATE had raised $325 million to repay part of the debt.[17]

After the company beat analysts expectations for first quarter earnings in 2014,[17] that April the Economic Times reported that Vemuri had "abandoned the lofty revenue target set by his predecessor" in an effort to set "short-term, achievable growth targets for the company."[17] In the first half of 2014, under Vemuri, iGATE engaged in a "hiring for growth" program and added 2,500 employees, bringing the headcount to 32,742 employees by June 2014.[18] In July 2014, Vemuri was credited with securing a deal with CNA Financial, estimated to be worth around $200 million.[18]

Capgemini acquisition (2015)

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By March 2015, iGATE's stock value had increased since the start of Vemuri's tenure,[19] with the company reaching a market capitalization of $3.3 billion.[19] iGATE also had around 33,000 employees and revenues of about $1.3 billion,[1] much higher than the annual revenue of $851.6 million from 2013.[19] During his first eighteen months at iGATE, the press noted that Vemuri had helped "the firm’s market capitalisation increase almost three times."[9] In April 2015, the French IT company CapGemini announced it would buy iGATE for USD $4 billion, creating a larger company with clients such as General Electric and Royal Bank of Canada.[20][21] Vemuri led iGATE's side of the sale,[2][22] and in July 2015 was voted into Capgemini's group management board.[20] Vemuri resigned as iGATE CEO in October 2015.[7][22]

Conduent CEO (2016–2019)

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Xerox Corporation announced on June 14, 2016 that Vemuri had been chosen as the CEO of Conduent, Xerox's business process outsourcing unit,[2][22] which was in the process of being separated as a new independent company.[1][2] The outsourcing division had been struggling to meet its financial benchmarks, with the Economic Times opining that "Xerox is betting on IT industry veteran Vemuri's experience to help the company revive its outsourcing business." Xerox chairman and CEO Ursula Burns stated Vemuri had been selected because of his "deep industry experience and proven track record of leading growth and corporate transformations."[23] Vemuri was appointed executive vice president and CEO[1] of Xerox Business Services LLC, effective July 1.[7] He became the CEO of Conduent after the separation of Xerox into two companies later that year. In May 2019 he resigned from the post of CEO in 2019 Q1 Earnings call. He left Conduent early August 2019.[24]

Boards and memberships

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Vemuri served on the board of directors for a number of companies.[7] Vemuri was elected to the Forum of Young Global Leaders (YGL) by the World Economic Forum in 2009,[8][25][26] and from June 2011 until September 2013 he served on the board of Infosys Limited. While with Infosys, he also had tenures on the boards of Infosys Consulting, Infosys Public Services, and Infosys Technologies (China) Company Limited. From September 2013 until October 2015 he served on the board of iGATE Corporation, also joining the board of iGate Global Solutions on September 17, 2013. Vemuri joined the Board of IT Governors at the World Economic Forum[7] in 2014,[5] and Capgemini's group management board in July 2015.[20] He served on the board of visitors of the Fuqua School of Business at Duke University.[27]

Awards and recognition

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Selected awards and accolades for Ashok Vemuri
Year Award Category Result
2008 Business Today India's 25 Hottest Young Executives[25] Shortlisted
2013 Asian American Business Center 50 Outstanding Asian Americans in Business[5][6] Shortlisted
2015 Enterprise Asia Outstanding Entrepreneurship Award[7][5] Won
IAIR CEO of the Year[7][19] Won

Personal life

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Vemuri lived with his wife in New Jersey as of 2009,[13] where he continued to be based as of 2016.[1]

Further reading

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  • "Who is Ashok Vemuri?". Business Standard. September 12, 2013.
  • "Ashok Vemuri's move is bad for Infosys but good for iGate". Forbes India. August 30, 2013.
  • "All I have learnt, I learnt from Infosys: Ashok Vemuri". NDTV. January 24, 2014.
  • "Ashok Vemuri may turn investor". Business Standard. April 29, 2015.
  • "Xerox names Ashok Vemuri as CEO of post-split BPO business". Reuters. June 14, 2016.

See also

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References

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  1. ^ a b c d e f Steele, Anne (June 14, 2016). "Xerox Names Ashok Vemuri CEO of Outsourcing Business". The Wall Street Journal. Retrieved 2016-07-31.
  2. ^ a b c d e Tharakan, Anya George (June 14, 2016). "Xerox names Ashok Vemuri as CEO of post-split BPO business". Reuters. Retrieved 2016-07-31.
  3. ^ Co, The Kroger. "Kroger Announces Ashok Vemuri Elected to Kroger Board of Directors". www.prnewswire.com (Press release).
  4. ^ "Management & Directors – The Kroger Co". ir.kroger.com.
  5. ^ a b c d "IGATE CEO Ashok Vemuri Receives the Outstanding Entrepreneurship Award - 2015". Financial Mirror. March 22, 2015. Retrieved 22 March 2015.
  6. ^ a b "2013 Winners" (PDF). Outstanding 50 Award. Archived from the original (PDF) on 2014-03-06.
  7. ^ a b c d e f g h i j k l m n o p q r "Ashok Vemuri". Bloomberg Business. Retrieved 2016-07-31.
  8. ^ a b c d e f g h "Who is Ashok Vemuri?". Business Standard. 12 September 2013. Retrieved 2016-07-31.
  9. ^ a b c "Ashok Vemuri may turn investor". Business Standard. April 29, 2015. Retrieved 2016-07-31.
  10. ^ a b c d Sen, Anirban (September 12, 2013). "Ashok Vemuri's quest for the top job takes him to iGate". livemint.com. Retrieved 2016-07-31.
  11. ^ "Officer Profile - Quotes". Reuters. Archived from the original on 2015-04-02.
  12. ^ Rai, Asha (May 21, 2003). "Phaneesh successor Infy's highest paid". Economic Times. Archived from the original on October 10, 2015. Retrieved 2016-07-31.
  13. ^ a b Jayashankar, Mitu (June 5, 2009). "What will Infy Do After they are Gone?". Forbes India. Retrieved 2016-07-31.
  14. ^ a b "Infosys opens Second Latin America I.T. Development Center in Monterry, Mexico". Business with Latin America. 9 November 2009. Retrieved 2016-07-31.
  15. ^ "Infosys Announces Appointment Of New Members To The Board". infosys.com press release. June 11, 2011. Retrieved 2016-07-31.
  16. ^ a b c Ramnath, NS (August 30, 2013). "Ashok Vemuri's move is bad for Infosys but good for iGate". First Post / Forbes India. Retrieved 2016-07-31.
  17. ^ a b c Nandakumar, Indu (April 11, 2014). "Ashok Vemuri abandons iGate revenue target set by Phaneesh Murthy". Economic Times. Archived from the original on April 13, 2014. Retrieved 2016-07-31.
  18. ^ a b Chengappa, Sangeetha (July 17, 2014). "IGATE inks $200-million multi-year pact with US-based insurance firm". The Hindu Business Line. Retrieved 2016-07-31.
  19. ^ a b c d "IGATE CEO Ashok Vemuri Honoured with "IAIR CEO of the Year Award - 2014"". Business Wire press release. March 12, 2015. Retrieved 12 March 2015.
  20. ^ a b c Bureau, India (July 27, 2015). "iGate CEO Ashok Vemuri now in Capgemini's management board". Business Insider. Retrieved 2016-07-31. {{cite news}}: |last= has generic name (help)
  21. ^ "Capgemini to buy IGATE in $4bn deal". Financial Times. 27 April 2015. Retrieved 2016-07-31.
  22. ^ a b c "Xerox names Ashok Vemuri as CEO of post-split BPO business". CNBC. June 14, 2016. Retrieved 2016-07-31.
  23. ^ Sen, Anirban (June 14, 2016). "Xerox names former iGate, Infosys executive Ashok Vemuri as new CEO of its BPO firm". Economic Times. Retrieved 2016-07-31.
  24. ^ "Xerox Says It Will Call Business-Services Company Conduent After Split". The Wall Street Journal. June 16, 2016. Retrieved 2016-07-31.
  25. ^ a b "India's hottest young executives". Business Today. Retrieved 4 May 2008.
  26. ^ "Ashok Vemuri". World Economic Forum. Archived from the original on 2015-04-02.
  27. ^ "Board of Visitors, The Fuqua School of Business". Fuqua Bulletin. Duke University. 2014. Archived from the original on 2014-07-23. Retrieved 2016-07-31.
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