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View All News10 February 2022
Quess Corp managing director and CEO Suraj Moraje is likely to step down according to reports.
The company’s board is set to meet today. The Economic Times, citing a source briefed on the matter, reports that the Board will name Moraje’s successor as the company reportedly does not want to delay a decision in the interest of operational continuity. The new CEO is most likely to be chosen from within the company as founder Ajit Isaac has groomed the leadership pipeline in-house as the company grew in scale, and expanded geographically.
Moraje’s stint at the firm lasted approximately 26 months.
According to MoneyControl, Moraje’s exit was likely due to differences in strategy between him and Isaac, business news website Moneycontrol reported late on Wednesday, citing a person familiar with the development.
Quess Corp had brought in Moraje as group CEO in November 2019 from McKinsey, where he was a senior partner and a leader in the firm's Asia TMT practice. Last year, Quess separated its chairman and managing director roles, with Moraje elevated as Group CEO and MD, while Isaac continued as the executive chairman of the company.
For the second quarter ended 30 September 2021. Revenue grew by 23.4% to INR 32.27 billion (USD 433.44 million).
Following the news of the likely departure, shares in Quess Corp tumbled 13.7% to an eight-month low. Shares eventually closed today at INR 659.60 (USD 8.80) down 9.66% on the day and 23.28% above the 52 week low of INR 535.05 (USD 7.14) set on Apr 22, 2021. The company has a market cap of INR 107.98 billion (USD 1.44 billion).
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February 10, 2022 at 07:48PM
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India – Quess Corp shares fall on reports that CEO likely to step down - Staffing Industry Analysts
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