Hexaware Technologies has announced a significant leadership change as Vivek Jetley is appointed as CEO designate, set to take charge on October 28, 2026. According to reports from CNBC TV18 and Business Standard, Jetley will succeed Srikrishna Ramakarthikeyan, who has submitted his resignation from CEO and board roles on the same date. Ramakarthikeyan, who has led the company for 12 years and oversaw Hexaware's listing on the bourses last year, will remain with Hexaware as a senior advisor to support the leadership transition. The appointment comes at an important moment for Hexaware as the company enters its next phase of accelerated growth, with AI reshaping enterprise technology services globally and creating new sources of client demand. This leadership change occurs as Indian IT firms face industry disruptions, with Hexaware, the country's 10th-largest IT firm by revenue, recently cutting its calendar-year 2026 annual forecast to 6% to 7% from a prior view of at least 7.6% after its June quarter results.
As reported by LiveMint and Business Standard, Vivek Jetley brings over 25 years of experience across AI and data, enterprise transformation and strategy. He joins Hexaware from EXL, where he currently serves as president and leads its insurance, healthcare and life sciences businesses. According to his profile on the EXL website, Vivek Jetley holds a bachelor's degree in computer engineering and a master's of business administration from the Indian Institute of Management (IIM) Calcutta. He joined EXL in 2006 through the acquisition of Inductis, an analytics consulting firm where he was a partner. At EXL, he has held leadership roles spanning corporate strategy, strategic partnerships, innovation and acquisitions. Jetley previously served as president and head of EXL Analytics, where he built and led the company's advanced analytics, AI services and enterprise data management capabilities across industries. The resignation comes as Indian IT services firms face the double whammy of AI-related disruption and macro overhang that is forcing clients to tweak tech spends.
According to CNBC TV18, Jetley stated that AI adoption fundamentally changes how services are delivered, how capabilities are built and how enterprises create value. The company is looking to build Hexaware into a leading AI-led services company and accelerate its transformation while delivering business outcomes for clients at scale. The outgoing CEO, Ramakarthikeyan, had previously set ambitious growth targets, stating that Hexaware's revenue is expected to double by 2029, driven by AI-led transformation. The company expects revenue to touch $3 billion by 2029 from around $1.5 billion, this will be driven by factors like AI-led transformation, West Asia expansion, growth in the technology vertical, and private equity partnerships. Larry Quinlan, non-executive chairman of Hexaware, expressed confidence in Jetley's experience, stating he leaves a strong foundation for the company's next phase of accelerated growth. Jetley emphasized that we are at a defining moment for IT services, as AI adoption fundamentally changes how services are delivered, how capabilities are built and how enterprises create value, positioning the company to help define the next generation of the industry.
Shares of Hexaware Technologies dropped as much as 4.4% on Thursday, with the stock trading at ₹521.90 on the NSE at 11:59 AM, hitting a low of ₹519.20 from the previous close of ₹543.60, according to The Hindu BusinessLine. The stock was trading at ₹522.65 at 11:17 AM on the National Stock Exchange, falling 3.85%. From the beginning of the year, Hexaware Technologies shares have declined 31%, with the stock hitting a 52-week high of ₹807.75 on December 4, 2025, and a 52-week low of ₹400.20 on March 12, 2026. As of September 3, 2026, Hexaware Technologies has a total market capitalisation of ₹32,060.01 crore. The stock movement reflects investor reaction to the leadership transition amid industry challenges. The company's board approved Ramakarthikeyan's appointment as Senior Advisor with effect from October 28, based on the recommendation of the Nomination and Remuneration Committee. Global brokerage HSBC has maintained a hold rating on Hexaware Technologies at a target price of ₹575, noting that the key mandate is to reaccelerate growth with a sharper execution focus, with the strategy likely unchanged but execution focus expected to improve.
