Indian IT giant Tech Mahindra has poached Infosys veteran Mohit Joshi as its new managing director and chief executive.

The incoming chief exec will take over when CP Gurnani retires on 19 December 2023. The company said that Joshi will join Tech Mahindra “well before that date to allow for sufficient transition time”.

Joshi has served at rival firm Infosys for over 22 years and currently serves as president and previously head of the Global Financial Services & Healthcare and the Software businesses, including banking platform Finacle. He is the second high-profile departure from Infosys in recent months, with previous president Ravi Kumar stepping down in October.

Tech Mahindra chair T. N. Manoharan said: “Mohit’s appointment is the successful culmination of a rigorous selection process during which the NRC evaluated a number of internal and external candidates. Mohit’s experience with digital transformation, new technologies and large deals will complement Tech Mahindra’s strategies and continue to build on the strong growth momentum demonstrated by the company.”

The incoming Mohit Joshi said: “Tech Mahindra’s growth journey has been remarkable. I am delighted to be joining the Tech Mahindra family and look forward to working closely with all the associates, partners, and customers to achieve new milestones, make a positive difference and #Risetogether.”

Joshi's appointment has been well received by the industry and markets, with Tech Mahindra's stock registering its biggest intraday jump in nearly three years. A number of top brokerages have also welcomed the move, though ICICI Securities has cautioned that the company still has significant room to improve its digital capabilities.

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