Coforge names ex-Bharti Enterprises VC as new chairperson

Coforge Ltd has appointed Akhil Kumar Gupta as chairperson and non-executive independent director for five years, effective immediately. Gupta, who previously served as vice-chairman of Bharti Enterprises, takes the helm following a period of significant governance challenges at the IT services firm.

The appointment marks a resolution to weeks of boardroom instability triggered by the resignation of former chairperson O P Bhatt in September. The veteran banker stepped down after an internal audit revealed he had withheld a board evaluation report that contained critical assessments of his own performance. The disclosure triggered a sharp market reaction, with Coforge's shares declining over 5 per cent and wiping approximately Rs 4,400 crore from the company's market capitalisation.

Tensions escalated further when D K Singh, chairperson of the nomination and remuneration committee, also resigned, citing differences and strain between independent and executive directors. The departures left the company navigating a leadership vacuum during a critical period, prompting the board to appoint non-executive independent director Vivek Sharma as interim chairperson while initiating a search for a permanent successor. Global executive search firm Egon Zehnder was engaged to lead the recruitment process.

Gupta's appointment as permanent chairperson signals the company's efforts to stabilise its governance structure and restore investor confidence following the tumultuous period.