Virtusa Co-Founder and CEO Kris Canekeratne is setting down at- end of this June after growing the Global business consulting and IT outsourcing provider to $1.3 billion in revenue.
Canekeratne along with Tushara Canekeratne, John Gillis and Sandy Gillis co-Founded Virtusain Sri Lanka in 1988, the IT giant headquarted in in Southborough, Massachusetts, United States.
Canekeratne will exit both the chairman and CEO roles by June 30, less than 10 months after Virtusa was acquired by Hong-Kong-based Baring Private Equity Asia (BPEA) for $2 billion.
“Twenty-five years ago, I began the journey of a lifetime. In those intervening years, we built Virtusa into a recognized market leader partnering with blue-chip brands across the globe in the rapidly growing Digital Engineering services market. Now we have begun a new chapter in our partnership with BPEA that will continue to evolve and provide even greater growth opportunities. With the added strength of BPEA’s ownership, the impressive performance of the business, and the strength of the leadership team we have in place, I’ve decided that it’s the right time for me to explore my next chapter. I am committed to working with BPEA, the Board, and management team to ensure a smooth transition process”Canekeratne said in a statement.
On May 15 Sander van ‘t Noordende will be appointed as an independent member of the Board of Directors, and at the time of Canekeratne’s transition, Sander van ‘t Noordende will be appointed as the independent Chairman of the Board of Directors, the company said.
The Board of Directors has initiated the search for a new CEO, which is expected to be finalized within the coming weeks