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Syntel CEO resigns; company names director as CEO

Tue, 02/02/2010 - 8:01am
The Associated Press

Information technology services company Syntel Inc. said its president and CEO resigned on Monday, and was replaced on Tuesday by one of its directors.

The company said Keshav Murugesh, 46, resigned effective Monday "to pursue other opportunities." Company spokesman Jon Luebke said Murugesh "chose to step down for personal reasons, and it would not be appropriate for us at this time to comment on his future plans."

Chairman Bharat Desai praised Murugesh, saying that for the past eight years the CEO was "instrumental in driving Syntel's growth and evolution into a truly world class organization."

The company named Prashant Ranade as chief executive and president. Ranade, 57, has been a director since 2007. He ran Siemens Group Logistics and Assembly Systems NA from 2003 to 2006.

Syntel shares fell 27 cents to $33.47 in afternoon trading.

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