iGates has begun to review into its structure. Under its new CEO Ashok Vemuri the company has undertaken a significant organizational restructuring which will give greater responsibility to managers and make them more accountable. In addition, the company has also refinanced about half of its over $750 million loan which it had taken to acquire Patni Computer at a substantially lower interest rate.
In his address to the media through video conferencing from New Jersey, Vemuri on Monday, attributed some of the senior level exits from the company in recent weeks to the reorganization. "Several senior people have left because they could not find themselves with capabilities to function in the new structure," he told,
At least six senior executives have quit the company since Vemuri joined iGate as CEO in September, including the company's chief delivery officer Sean Narayanan, BPO head Sanjiv Kapur, and consulting head David Kruzner. Vemuri is trying to move the company's organizational structure from what he called a functional one. He is trying to do the verticalization for its sales structure which he feels is necessary given the current market conditions. Well, it is obvious to devise new policies for CEOs to prove their competence in the company. After Paneesh Murthy was asked to leave the company, it is going through a tough time to prove its relevance to its customers.
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