Ashok Vemuri, the Chief Executive Officer (CEO) of the New Jersey-headquartered technology-led business process services company Conduent has stepped down from his position.
Vemuri’s resignation comes at a time when the company has forecast a fall in revenues for 2019 and its board is confronting activist investor Carl Icahn for control of the business.
Last month, Conduent’s board member Michael Nevin had also stepped down from the company.
In response to Vemuri’s exit, Conduent’s Board has initiated a search to identify the company’s next CEO and is considering internal and external candidates for the position.
It has also hired an executive search firm to support the process, as per a company official communique which announced first-quarter results.
The board is expecting its CEO search to be completed in the third-quarter of 2019, until which time Vemuri would continue to hold the position. Under Vemuri tenure, the company has developed a large offshore base, recruiting more than 12,000 people in India. In March last year, Conduent unveiled its ninth offshore base in Vishakapatnam to employ over 5,000 people.