- Push-out Score determined
- After less than two and a half years in the position
- Praise and thanks for Vemuri
- Search for a successor
- Vemuri spoke at length and said 142 words
(exechange) — Florham Park, New Jersey, May 8, 2019 — Ashok Vemuri, chief executive of Conduent, leaves. As announced by Conduent Inc. in a news release and in a regulatory filing published on Wednesday, May 8, 2019, Ashok Vemuri leaves his post as Chief Executive Officer at the digital interactions company after less than two and a half years in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.8 years, according to data compiled by exechange. Only 23 percent of the CEOs who departed over the past 12 months left the position within three years.
To ensure an orderly transition, Vemuri will continue in his current role as Chief Executive Officer and as a member of the Board of Directors until his successor is appointed, which the Board expects to occur during the third quarter of 2019.
Conduent will undertake a search for a successor.
“Accelerate the pace of our progress and deliver enhanced shareholder value”
A reason for Ashok Vemuri’s departure from the CEO post was not explicitly provided. William Parrett, Chairman of the Conduent Board, said: “We are focused on identifying a leader with the expertise and capabilities to leverage Conduent’s unique strengths to enable the Company to achieve its next level of growth. Through our search process, we will focus on identifying a leader who shares our vision for the power of digital-interactions, can accelerate the pace of our progress and deliver enhanced shareholder value.”
Precise information regarding Ashok Vemuri’s future plans was not immediately available.
“Intends to step down”
Conduent said: “Ashok Vemuri intends to step down as Chief Executive Officer and as a member of the Board of Directors.”
Share price decline
The announcement follows a decline in Conduent Incorporated’s share price of 45 percent since September 2018.
Chaired by William Parrett
Conduent Incorporated is chaired by William Parrett.
In the position of CEO since 2017
Vemuri has served as the Company’s Chief Executive Officer since January 2017.
He previously served as Chief Executive Officer of Xerox Business Services, LLC and as an Executive Vice President of Xerox Corporation from July 2016 to January 2017.
Vemuri previously was President, Chief Executive Officer and a member of the Board of Directors of IGATE Corporation, a New Jersey-based global technology and services company now part of global technology and outsourcing company Capgemini, from 2013 to 2015.
Before joining IGATE, Vemuri spent 14 years at Infosys Limited, a multinational consulting and IT services company, in a variety of leadership and business development roles, including Member of the Executive Council, Head of Americas, Global Head of Financial Services from 2003 to 2012 and Global Head of Manufacturing and Engineering Services from 2012 to 2013.
Prior to joining Infosys in 1999, Vemuri worked in the investment banking industry at Deutsche Bank and Bank of America.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Conduent and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2019 ($).