Hexaware Technologies shares fell as much as 4% on Thursday, touching a day low of Rs 519.20, after the company said its CEO is stepping down.

Srikrishna Ramakarthikeyan resigned as CEO and whole-time director, with the exit taking effect from October 28.

He had led Hexaware for 12 years, since July 2014, and his term was originally meant to run until March 2028. He is leaving about 16 months early to pursue personal interests.

In his resignation letter, he said the company had seen “meaningful transformation” during his time in charge. He will stay on afterward as a senior advisor to help with the handover.

Taking his place is Vivek Jetley, who joins Hexaware from EXL, where he currently serves as president overseeing the insurance, healthcare and life sciences businesses.

Jetley will hold the CEO role for a four year term starting October 28, bringing over 25 years of experience across AI, data and enterprise transformation work. This isn’t a great moment for the stock either way.

Hexaware had already cut its 2026 revenue growth guidance to a range of 6% to 7%, down from an earlier target of at least 7.6%, pointing to slower deal ramp-ups and weaker macro conditions.

Even so, the company kept its EBIT margin guidance unchanged at 13% to 14%. Hexaware has also been talking up an AI strategy meant to open new revenue streams rather than just chase market share.

At 11:30 am, Hexaware was trading at Rs 524.10 on the NSE, down 3.59% for the day. The stock sits well below its listing price of Rs 708 and is now down close to 31% for the year.

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