Midcap IT services company Cyient Limited announced on Wednesday the appointment of Sukamal Banerjee as its chief executive officer (CEO) and executive director for a term of five years, effective immediately. Banerjee will assume the role of key managerial personnel and will be integrated into the senior management team at Cyient DLM Limited, as stated in a filing with the exchange.
With over thirty years of experience, Banerjee has occupied senior leadership positions in prominent technology firms, including HCL Technologies, where he advanced to the role of Corporate Vice President, managing the engineering division.
Most recently, he served as the CEO and Board Member at Xoriant, a digital engineering firm backed by Chrys Capital, having joined the company in March 2023. His extensive background encompasses business scaling and partnership development across various sectors, including communications, semiconductors, energy, transportation, automotive, and healthcare, which align closely with Cyient’s strategic focus.
Banerjee has succeeded Karthikeyan Natarajan, who stepped down from his position as CEO and executive director of Cyient last month following a significant decline in the company’s third-quarter financial performance. In his resignation letter, Natarajan expressed his intention to pursue new challenges and opportunities that align with his personal and professional aspirations.
“The Engineering Research and Development (ER&D) sector is on the brink of transformative advancements over the next decade, driven by innovations in engineering and technology that are redefining products, facilities, and networks. Cyient stands as a leader in this domain, thanks to its diverse expertise across multiple verticals. It is both an honor and a responsibility to lead a team of over 16,000 dedicated Cyientists. Together, we will challenge limits and elevate Cyient to unprecedented levels,” Banerjee stated.
His appointment is particularly timely for Cyient, which seeks to enhance its growth trajectory despite facing recent financial hurdles. In the third quarter of FY25, Cyient reported a 31.7% decrease in net profit quarter-on-quarter, amounting to Rs 122.3 crore, a decline from Rs 179.1 crore in the previous quarter. Conversely, revenue from operations saw a 4.2% increase quarter-on-quarter, reaching Rs 1,926.4 crore in Q3 FY25, up from Rs 1,849.1 crore in Q2 FY25.
MM Murugappan, the Chairman of Cyient, conveyed his excitement regarding Banerjee’s appointment, remarking, “Sukamal is a leader grounded in values, and his extensive experience in the ER&D and technology sectors will greatly enhance Cyient as we pursue accelerated growth. I am confident that under his guidance, Cyient DET will emerge as a premier organization specializing in technology-driven intelligent engineering solutions.”
Banerjee possesses a Bachelor of Engineering in Mechanical Engineering and an MBA focused on Finance and Strategy. He has previously spearheaded transformation initiatives at HCLTech and managed a business portfolio exceeding $1.5 billion in digital and engineering services, overseeing operations and a workforce of over 20,000 engineers across more than 30 countries.
At Xoriant, he will be succeeded by Rohit Kedia, the former Chief Growth Officer of LTIMindtree Ltd., as announced in a separate statement on Tuesday.
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