Cognizant appoints new CEO as 'investors wanted new leadership'

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By Sam Boughedda

Cognizant (NASDAQ:CTSH) said Thursday that former Infosys Limited (NYSE:INFY) President Ravi Kumar will become the firm's new CEO and a member of the Board, effective immediately.

Kumar worked at Infosys for more than 20 years, holding various leadership roles, most recently serving as President from January 2016 through October 2022.

Kumar will succeed Brian Humphries, who will remain with the company as a special advisor until March 15, 2023, to facilitate a smooth transition.

In addition, the company said Stephen J. Rohleder, a member of Cognizant's Board since March 2022, has been elected Chair of the Board, with former Chair Michael Patsalos-Fox remaining on the Board as an independent director.

"The Board is focused on positioning Cognizant to reaccelerate growth and drive shareholder value," said Chair of the Board Stephen J. Rohleder. "As a proven leader with deep experience developing global talent and building a culture of success, we believe Ravi is the right person to take Cognizant into its next phase of growth."

Following the announcement, BMO Capital analysts raised the firm's price target on Cognizant to $71 per share from $65, maintaining a Market Perform rating.

"We think investors wanted new leadership, and we think the stock is moving higher this morning largely on this news rather than the results. Further, we think negative sentiment and positioning is also helping the shares," said the analysts.