Over 75% of IT CEOs appointed in the last 10 months are based abroad

A large number of IT CEOs who assumed responsibilities in the past 10 months are based abroad mainly in U.S or Europe. As per Financial Express, Eleven new CEOs have assumed responsibilities of IT companies in the past 10 months out of which 8 are based out of India.

Last week, Tech Mahindra sought government's permission for the appointment of Mohit Joshi, a non-resident Indian to be appointed as the MD and CEO of the company from December 20. The companies have to seek clearance from the government as part of a routine regulatory process if the candidate is not an Indian citizen.

As per Financial Express, in the largecap category, CEOs of four of the top seven Indian IT companies — HCLTech, Cognizant, Wipro and Tech Mahindra — are based outside India. This while a large majority of Cognizant’s workforce is based in India.

Wipro Chairman Rishad Premji also came in support of the company's CEO Thierry Delaporte when questions about his possible relocation came up. Premji said that the current location of Delaporte which is Paris is strategically located in Europe and has easy access to both east (Asia) and west (America).

Experts believe that CEOs place themselves near the markets from where a large amount of revenues would come. These markets are usually the U.S and Europe