Rajesh Gopinathan, the Managing Director (MD) and Chief Executive Officer (CEO) of TCS, has submitted his resignation letter, the IT services provider announced in a statement.

According to the statement, K Krithivasan has been named the IT giant's new CEO designate.

Since joining the company in 1989, Krithivasan has served over 34 years in a variety of positions, most recently serving as president and global head of the banking, financial services, and insurance (BFSI) business group. TCS said that he had held numerous leadership positions over his long tenure with the company in the areas of delivery, sales, customer relationship management, and large program management.

Gopinathan, who spent 22 years working with TCS and served as its MD & CEO for six years, is currently stepping out. He will continue working for the company until September 2023.

Mr. Gopinathan will continue to support and provide a transition to his successor until September 2023, according to a statement from TCS.

After a transitional period, K Krithivasan will be appointed CEO in the upcoming fiscal year.

According to a statement from Gopinathan, his 22-year tenure with TCS has been incredibly enjoyable. Chandra was his mentor throughout the period, and he enjoyed working with him. He added the past six years of leading this prestigious company have been extremely enriching and fulfilling, generating over $10 billion in additional revenue and a rise in market capitalisation of over $70 billion.

Moreover, he added that he has been "harbouring a few ideas" about his future plans and has determined that the end of FY23 is a fantastic time to stand down and pursue those passions.

He continued, Having worked with Krithi for the past 20 years, he was sure that he was the most eligible to take the position in TCS to lead the team to greater heights. He will work closely with Krithi to provide him with all the support he requires.