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Tata Communications stock price jumps 4% on appointment of new MD, CEO

Shares of Tata Communications rose 4.8% intraday on November 27 to Rs. 381 after the company appointed new Managing Director and Chief Executive Officer.

Tata Communications on Tuesday said it has appointed Amur Swaminathan Lakshminarayanan as its managing director and CEO. He will be MD and CEO for next five years with effect from November 26.

"Based on the recommendation of the Nomination and Remuneration Committee, and upon receipt of necessary regulatory approval, the board of directors on November 26 appointed Amur Swaminathan Lakshminarayanan as the Managing Director and Chief Executive Officer of the company," Tata Communications said in its BSE filing.

The appointment comes following resignation of Vinod Kumar from the post in July.

"The Board of Directors of Tata Communications has today appointed Amur Swaminathan Lakshminarayanan as Managing Director and Chief Executive Officer of the company for a term of five years with effect from November 26, 2019," Tata Communications said in a filing.

Prior to joining Tata Communications, Lakshminarayanan was President and CEO of Tata Consultancy Services Japan, where he worked towards accelerating the company's market opportunity and developing the brand in the region.

Lakshminarayanan's appointment as MD and CEO is based on the recommendation of the nomination and remuneration committee constituted after Kumar's resignation.

A BITS Pilani mechanical engineering alumnus, Lakshminarayanan has worked in the US, Hong Kong, Australia, the UK, Japan and India. He is also an alumnus of London Business School.

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