Sundar Subramanian, CEO, Ramco Systems, will step down from his position effective January 3, 2025. The board designated Abinav Raja, company founder PR Venkatrama Raja’s son, as Managing Director. He is currently serving as the Whole Time Director.
In a letter to the company, Subramanian said, “We’ve been largely successful in restoring stability, and we have laid out a long-term transformation plan with key initiatives now in motion. These initiatives are being tracked through rigorous reviews, and their success is measured by clear metrics. Many are already delivering positive results, such as improvements in deal pricing and implementation reviews. During this period, we’ve also secured marquee customers across different geographies in HRP, Aviation, ERP and Logistics.”
Subramanian joined Ramco in July 2023. Prior to this, he spearheaded the delivery and operations of leading multinational information technology services and consulting companies like Mphasis, Cognizant, IBM, and PwC.
The company for the second quarter reported a significant reduction in net loss to $1 million as against $18 million in the same period last year. This was because of $14-million write off in the second quarter of last year. Revenue was $17 million ($16 million).
Ramco’s stock price on the NSE closed at ₹422.40, down by ₹4.90 or 1.15 per cent.