Shares of Tech Mahindra surged 9% to Rs 1,159.95 on the BSE in intraday trade on Monday after the company announced the appointment of Mohit Joshi as the company’s MD and CEO. Mohit will succeed CP Gurnani as CEO and managing director upon his retirement on December 19, 2023. Mohit’s joining date was not mentioned in the press release. His tenure at Infosys will end on June 9, 2023.

“Mr Mohit Joshi is appointed for a term of five years commencing from December 20, 2023, to December 19, 2028, both dates inclusive,” Tech Mahindra said in an exchange filing. Mohit Joshi joined the company from Infosys and is currently the President. Mohit has over 20 years of experience in enterprise technology software and consulting and has worked with the world’s largest companies to drive digital transformation and build thriving businesses. Tech Mahindra said that at Infosys, Mohit was the head of the global financial services and healthcare and software business, which included Finacle (banking platform) and artificial intelligence/automation portfolio.

However, Tech Mahindra has underperformed the market over the past year despite today’s gains, falling 22% against a 7% rally for the S&P BSE Sensex.