Nasdaq-listed iGATE Corp is likely to name a possible successor to its sacked chief executive Phaneesh Murthy by September this year.
“We will have a new Chief Executive by fall this year. By fall, I mean September,” Sujit Sircar, Executive Vice-President & Chief Financial Officer (CFO), iGATE Global Solutions, told Business Line on the sidelines of a CII-event here on Tuesday.
While, Sircar confirmed that the company was on the lookout for a new chief executive, he did not divulge details.
iGATE had sacked Phaneesh Murthy earlier in May after a company investigation into sexual harassment charges revealed that he had not disclosed on time a relationship he had with a subordinate.
To specific queries on whether the new the CEO would be a prospective candidate within the organisation or from outside, Sircar said: “That process is going on.”
High Debt not an issue
iGATE, a Freemont (California, USA) based company, had incurred a debt of $ 700 million when it acquired the Bangalore-headquartered Patni Computers. iGATE had tied up with PE fund Apaz Partners. According to Sircar, “high debt has not been an issue” (for the company).
“If you see our balance sheet, you will realise that we also have nearly $400 million of cash. In effect it means that my debt is just $ 300 million,” he said.
abhishek.l@thehindu.co.in