{{Short description|Indian-American businessman}} {{Infobox person | honorific_prefix = | name = Ashok Vemuri<!-- include middle initial, if not specified in birth_name --> | honorific_suffix = | image = Ashok Vemuri - 2.jpg | image_size = | alt = | caption = | native_name = | native_name_lang = | birth_name = <!-- only use if different from name above --> | birth_date = {{birth date and age|1968|4|22}} | birth_place = New Delhi, India | other_names = | citizenship = Indian-American | education = St. Stephen's College, Delhi<br>Delhi University | alma_mater = Indian Institute of Management, Ahmedabad | occupation = Board of Director | years_active = 1992-present | employer = | organization =Kroger | known_for =Infosys | title = | term = | boards = | awards = | website = }} '''Ashok Vemuri''' (born April 22, 1968) is an Indian-American business executive,<ref name="uxeroxwsj"/><ref name="wasceoreuters"/> and Board of Director for Financial Policy and Public Responsibilities at Kroger.<ref name="wasceoreuters"/><ref>{{Cite press release|url=https://www.prnewswire.com/news-releases/kroger-announces-ashok-vemuri-elected-to-kroger-board-of-directors-300784034.html|title=Kroger Announces Ashok Vemuri Elected to Kroger Board of Directors|first=The Kroger|last=Co|website=www.prnewswire.com}}</ref> Vemuri was the former chief executive officer of IGATE and Conduent.<ref>{{Cite web|url=http://ir.kroger.com/management-and-directors|title=Management & Directors – The Kroger Co.|website=ir.kroger.com}}</ref>
== Early life and education == Ashok Vemuri was born on April 22, 1968,<ref name="uxeroxwsj"/> and spent his childhood in India.<ref name="igatefinancial"/><ref name="woefdavos"/> He received a bachelor's degree<ref name="bloomberid"/> in physics from St. Stephen's College, Delhi.<ref name=whois/> Vemuri subsequently completed his postgraduate diploma<ref name="bloomberid"/> in business management at the Indian Institute of Management, Ahmedabad,<ref name=whois/><ref name="bloomberid"/><ref name="ybusinesstandardinvestor"/> which is equivalent to a master's degree.<ref name="bloomberid"/>
== Career ==
=== Early positions and Infosys (1992–2013) === In 1992<ref name="yliveminst"/> Vemuri began working in investment banking at Deutsche Bank AG<ref name="officerrueters"/> and Bank of America.<ref name=whois/> Vemuri joined Infosys<ref name="yliveminst"/> in 1999,<ref name="bloomberid"/> where he went on to work closely with<ref name=whois/> and be mentored by Narayana Murthy,<ref name="yliveminst"/> the co-founder and then-CEO of the company.<ref name=whois/> As of May 2003, Vemuri was serving as vice president and regional manager of sales for Canada and the northeast region of the United States.<ref name="zphannesh"/> After management changes in June 2009, ''Forbes India'' reported that "Subhash Dhar, Ashok Vemuri, V. Balakrishnan and B.G. Srinivas... are now coming under [the limelight at Infosys]. These five are among a band of leaders being groomed to take over from the founding team."<ref name="zforbes"/> Vemuri was soon serving as a senior vice president<ref name="moterreyopens"/> of Infosys,<ref name="bloomberid"/> and became a member of the company's executive council.<ref name="moterreyopens"/> Vemuri went on to hold management roles at Infosys. For a time he served as chairman of the company’s operations in China,<ref name=whois/> also serving on the boards of Infosys in the Americas<ref name="yliveminst"/> and Infosys Public Services.<ref name=whois/> Beyond heading Infosys' operations in Canada and eastern North America,<ref name="bloomberid"/> he furthermore headed both the Financial Services & Insurance Business division and the Banking, Capital Markets & Strategic Global Sourcing division.<ref name="bloomberid"/> Vemuri was appointed to the board of Infosys in June 2011, while retaining his roles as senior vice president and chief of the banking division.<ref name="newmembersboard"/> Infosys appointed Vemuri the global head of its Manufacturing & Engineering Services division in April 2012.<ref name="bloomberid"/> Despite speculation in the press that Infosys was considering Vemuri as a choice for CEO,<ref name="ybusinesstandardinvestor"/> in September 2013<ref name="bloomberid"/><ref name="firstpostsrobes"/> the press reported that he would instead by joining iGATE.<ref name="firstpostsrobes"/>
=== Work with iGATE (2013–2014) === On September 16, 2013, Vemuri was appointed CEO and president<ref name="bloomberid"/> of the IT services provider iGATE,<ref name="bloomberid"/><ref name="firstpostsrobes"/> Early in his tenure, Vemuri assured shareholders that the $770 million in debt accrued by iGATE in 2011 would be dealt with in the "near-term," and by March 2014 iGATE had raised $325 million to repay part of the debt.<ref name="abadonestarget"/>
After the company beat analysts expectations for first quarter earnings in 2014,<ref name="abadonestarget"/> that April the ''Economic Times'' reported that Vemuri had "abandoned the lofty revenue target set by his predecessor" in an effort to set "short-term, achievable growth targets for the company."<ref name="abadonestarget"/> In the first half of 2014, under Vemuri, iGATE engaged in a "hiring for growth" program and added 2,500 employees, bringing the headcount to 32,742 employees by June 2014.<ref name="multiyearinsurance"/> In July 2014, Vemuri was credited with securing a deal with CNA Financial, estimated to be worth around $200 million.<ref name="multiyearinsurance"/>
=== Capgemini acquisition (2015) === By March 2015, iGATE's stock value had increased since the start of Vemuri's tenure,<ref name="ceofyear"/> with the company reaching a market capitalization of $3.3 billion.<ref name="ceofyear"/> iGATE also had around 33,000 employees and revenues of about $1.3 billion,<ref name="uxeroxwsj"/> much higher than the annual revenue of $851.6 million from 2013.<ref name="ceofyear"/> During his first eighteen months at iGATE, the press noted that Vemuri had helped "the firm’s market capitalisation increase almost three times."<ref name="ybusinesstandardinvestor"/> In April 2015, the French IT company CapGemini announced it would buy iGATE for USD $4 billion, creating a larger company with clients such as General Electric and Royal Bank of Canada.<ref name="bilook"/><ref name="FT"/> Vemuri led iGATE's side of the sale,<ref name="wasceoreuters"/><ref name="xcnbcpostsplit"/> and in July 2015 was voted into Capgemini's group management board.<ref name="bilook"/> Vemuri resigned as iGATE CEO in October 2015.<ref name="bloomberid"/><ref name="xcnbcpostsplit"/>
=== Conduent CEO (2016–2019) === Xerox Corporation announced on June 14, 2016 that Vemuri had been chosen as the CEO of Conduent, Xerox's business process outsourcing unit,<ref name="wasceoreuters"/><ref name="xcnbcpostsplit"/> which was in the process of being separated as a new independent company.<ref name="uxeroxwsj"/><ref name="wasceoreuters"/> The outsourcing division had been struggling to meet its financial benchmarks, with the ''Economic Times'' opining that "Xerox is betting on IT industry veteran Vemuri's experience to help the company revive its outsourcing business." Xerox chairman and CEO Ursula Burns stated Vemuri had been selected because of his "deep industry experience and proven track record of leading growth and corporate transformations."<ref name="Seneocntimes"/> Vemuri was appointed executive vice president and CEO<ref name="uxeroxwsj"/> of Xerox Business Services LLC, effective July 1.<ref name="bloomberid"/> He became the CEO of Conduent after the separation of Xerox into two companies later that year. In May 2019 he resigned from the post of CEO in 2019 Q1 Earnings call. He left Conduent early August 2019.<ref name="conduet"/>
== Boards and memberships == Vemuri served on the board of directors for a number of companies.<ref name="bloomberid"/> Vemuri was elected to the Forum of Young Global Leaders (YGL) by the World Economic Forum in 2009,<ref name=whois/><ref name="Business Today 20018-05-04"/><ref name="weforumvemuri"/> and from June 2011 until September 2013 he served on the board of Infosys Limited. While with Infosys, he also had tenures on the boards of Infosys Consulting, Infosys Public Services, and Infosys Technologies (China) Company Limited. From September 2013 until October 2015 he served on the board of iGATE Corporation, also joining the board of iGate Global Solutions on September 17, 2013. Vemuri joined the Board of IT Governors at the World Economic Forum<ref name="bloomberid"/> in 2014,<ref name="igatefinancial"/> and Capgemini's group management board in July 2015.<ref name="bilook"/> He served on the board of visitors of the Fuqua School of Business at Duke University.<ref name="registratduke"/>
== Awards and recognition == {| class="wikitable plainrowheaders" style="text-align:center;" |+Selected awards and accolades for Ashok Vemuri !Year !Award !Category !Result |- |rowspan="1"|2008 |rowspan="1"|''Business Today'' | India's 25 Hottest Young Executives<ref name="Business Today 20018-05-04"/> |{{Won|Shortlisted}} |- |rowspan="1"|2013 |rowspan="1"|Asian American Business Center | 50 Outstanding Asian Americans in Business<ref name="igatefinancial"/><ref name="woefdavos"/> |{{Won|Shortlisted}} |-
|rowspan="2"|2015 |rowspan="1"|Enterprise Asia | Outstanding Entrepreneurship Award<ref name="bloomberid"/><ref name="igatefinancial"/> |{{Won}} |- |rowspan="1"|IAIR | CEO of the Year<ref name="bloomberid"/><ref name="ceofyear"/> |{{Won}} |- |}
== Personal life == Vemuri lived with his wife in New Jersey as of 2009,<ref name="zforbes"/> where he continued to be based as of 2016.<ref name="uxeroxwsj"/>
== Further reading == * {{cite news | title =Who is Ashok Vemuri? | url =http://www.business-standard.com/article/companies/who-is-ashok-vemuri-113091200097_1.html | newspaper =Business Standard | date =September 12, 2013 }} * {{cite news | title =Ashok Vemuri's move is bad for Infosys but good for iGate | url =http://www.firstpost.com/business/ashok-vemuris-move-is-bad-for-infosys-but-good-for-igate-1069553.html | newspaper =Forbes India | date =August 30, 2013 }} * {{cite news | title =All I have learnt, I learnt from Infosys: Ashok Vemuri | url =http://profit.ndtv.com/videos/ndtv-davos/video-all-i-have-learnt-i-learnt-from-infosys-ashok-vemuri-306574 | publisher =NDTV | date =January 24, 2014 }} * {{cite news | title =Ashok Vemuri may turn investor | url =http://www.business-standard.com/article/companies/ashok-vemuri-may-turn-investor-115042801147_1.html | newspaper =Business Standard | date =April 29, 2015 }} * {{cite news | title =Xerox names Ashok Vemuri as CEO of post-split BPO business | url =https://www.reuters.com/article/uk-xerox-ceo-bpo-idUSKCN0Z01K0 | newspaper =Reuters | date =June 14, 2016 }}
== See also == * List of IIM Ahmedabad alumni * List of chief executive officers * List of Indian-Americans
== References == <references>
<ref name="conduet">{{cite news | title =Xerox Says It Will Call Business-Services Company Conduent After Split | url =https://www.wsj.com/articles/xerox-says-it-will-call-business-services-company-conduent-after-split-1466084423 | newspaper=The Wall Street Journal | publisher = | date =June 16, 2016 | accessdate = 2016-07-31 |url-access=subscription }}</ref> <ref name="multiyearinsurance"> {{cite news | title =IGATE inks $200-million multi-year pact with US-based insurance firm | first =Sangeetha | last =Chengappa | url =http://www.thehindubusinessline.com/info-tech/igate-inks-200million-multiyear-pact-with-usbased-insurance-firm/article6221864.ece | newspaper =The Hindu Business Line | publisher = | date =July 17, 2014 | accessdate = 2016-07-31 }}</ref> <ref name="abadonestarget"> {{cite news | title =Ashok Vemuri abandons iGate revenue target set by Phaneesh Murthy | first =Indu | last =Nandakumar | url =http://articles.economictimes.indiatimes.com/2014-04-11/news/49058959_1_igate-corporation-ashok-vemuri-phaneesh-murthy | archive-url =https://web.archive.org/web/20140413025258/http://articles.economictimes.indiatimes.com/2014-04-11/news/49058959_1_igate-corporation-ashok-vemuri-phaneesh-murthy | url-status =dead | archive-date =April 13, 2014 | newspaper =Economic Times | date =April 11, 2014 | accessdate = 2016-07-31 }}</ref> <ref name="firstpostsrobes"> {{cite news | title =Ashok Vemuri's move is bad for Infosys but good for iGate | first =NS | last =Ramnath | url =http://www.firstpost.com/business/ashok-vemuris-move-is-bad-for-infosys-but-good-for-igate-1069553.html | newspaper =First Post / Forbes India | date =August 30, 2013 | accessdate = 2016-07-31 }}</ref>
<ref name="Seneocntimes"> {{cite news | title =Xerox names former iGate, Infosys executive Ashok Vemuri as new CEO of its BPO firm | first = Anirban | last =Sen | url =http://economictimes.indiatimes.com/tech/ites/xerox-names-former-igate-infosys-executive-ashok-vemuri-as-new-ceo-of-its-bpo-firm/articleshow/52748869.cms | newspaper =Economic Times | publisher = | date =June 14, 2016 | accessdate = 2016-07-31 }}</ref> <ref name="newmembersboard"> {{cite news | title =Infosys Announces Appointment Of New Members To The Board | url =https://www.infosys.com/newsroom/press-releases/Pages/appointment-new-board-members.aspx | newspaper = | publisher =infosys.com press release | date =June 11, 2011 | accessdate = 2016-07-31 }}</ref> <ref name="moterreyopens"> {{cite news | title =Infosys opens Second Latin America I.T. Development Center in Monterry, Mexico | first = | last = | url =http://www.businesswithlatinamerica.com/country_mexico.html | newspaper =Business with Latin America | publisher = | date =9 November 2009 | accessdate = 2016-07-31 }}</ref> <ref name="zphannesh"> {{cite news | title =Phaneesh successor Infy's highest paid | first =Asha | last =Rai | url =http://articles.economictimes.indiatimes.com/2003-05-21/news/27549103_1_global-sales-head-sd-shibulal-srinjay-sengupta | archive-url =https://web.archive.org/web/20151010021948/http://articles.economictimes.indiatimes.com/2003-05-21/news/27549103_1_global-sales-head-sd-shibulal-srinjay-sengupta | url-status =dead | archive-date =October 10, 2015 | newspaper =Economic Times | publisher = | date =May 21, 2003 | accessdate = 2016-07-31 }}</ref>
<ref name="xcnbcpostsplit"> {{cite news | title =Xerox names Ashok Vemuri as CEO of post-split BPO business | url =https://www.cnbc.com/2016/06/14/reuters-america-xerox-names-ashok-vemuri-as-ceo-of-post-split-bpo-business.html | publisher =CNBC | date =June 14, 2016 | accessdate = 2016-07-31 }}</ref> <ref name="yliveminst"> {{cite news | title =Ashok Vemuri's quest for the top job takes him to iGate | first =Anirban | last =Sen | url =http://www.livemint.com/Companies/Nv1SEV7kFhodBrv8jwlJ2I/Ashok-Vemuris-quest-for-the-top-job-takes-him-to-iGate.html | newspaper = | publisher =livemint.com | date =September 12, 2013 | accessdate = 2016-07-31 }}</ref> <ref name="wasceoreuters"> {{cite news | title =Xerox names Ashok Vemuri as CEO of post-split BPO business | first =Anya George | last =Tharakan | url =https://www.reuters.com/article/uk-xerox-ceo-bpo-idUSKCN0Z01K0 | newspaper =Reuters | date =June 14, 2016 | accessdate = 2016-07-31 }}</ref> <ref name="ybusinesstandardinvestor"> {{cite news | title =Ashok Vemuri may turn investor | url =http://www.business-standard.com/article/companies/ashok-vemuri-may-turn-investor-115042801147_1.html | newspaper =Business Standard | date =April 29, 2015 | accessdate = 2016-07-31 }}</ref>
<ref name="officerrueters"> {{cite news |title=Officer Profile - Quotes |url=http://in.reuters.com/finance/stocks/officerProfile?symbol=IGTE.O&officerId=2437820 |newspaper=Reuters |url-status=dead |archiveurl=https://web.archive.org/web/20150402164007/http://in.reuters.com/finance/stocks/officerProfile?symbol=IGTE.O&officerId=2437820 |archivedate=2015-04-02 }}</ref> <ref name="weforumvemuri"> {{cite news |title=Ashok Vemuri |url=http://www.weforum.org/young-global-leaders/ashok-vemuri |publisher=World Economic Forum |url-status=dead |archiveurl=https://web.archive.org/web/20150402102532/http://www.weforum.org/young-global-leaders/ashok-vemuri |archivedate=2015-04-02 }}</ref> <ref name="Business Today 20018-05-04"> {{cite news | title =India's hottest young executives | url =http://businesstoday.intoday.in/story/indias-hottest-young-executives/0/1992.html | newspaper =Business Today | date = | accessdate = 4 May 2008 }}</ref>
<ref name="woefdavos"> {{cite news |title=2013 Winners |url=http://outstanding50award.com/pdf/2013_Out50_Booklet_Final.pdf |publisher=Outstanding 50 Award |url-status=dead |archiveurl=https://web.archive.org/web/20140306125901/http://outstanding50award.com/pdf/2013_Out50_Booklet_Final.pdf |archivedate=2014-03-06 }}</ref>
<ref name="igatefinancial"> {{cite news | title =IGATE CEO Ashok Vemuri Receives the Outstanding Entrepreneurship Award - 2015 | url =http://www.financialmirror.com/newsml_story.php?id=35155 | newspaper =Financial Mirror | publisher = | date =March 22, 2015 | accessdate = 22 March 2015 }}</ref>
<ref name="ceofyear"> {{cite news | title =IGATE CEO Ashok Vemuri Honoured with "IAIR CEO of the Year Award - 2014" | url =http://businesswireindia.com/news/news-details/igate-ceo-ashok-vemuri-honoured-with-iair-ceo-year-award-2014/43015 | publisher =Business Wire press release | date =March 12, 2015 | accessdate = 12 March 2015 }}</ref>
<ref name="registratduke">{{cite news |title = Board of Visitors, The Fuqua School of Business |url = http://registrar.duke.edu/sites/default/files/fuqua/2013-14/2013-14%20Fuqua%20Bulletin/AdministrationFORHTML.02.3.html |newspaper = Fuqua Bulletin |publisher = Duke University |date = 2014 |accessdate = 2016-07-31 |archive-url = https://web.archive.org/web/20140723210319/http://registrar.duke.edu/sites/default/files/fuqua/2013-14/2013-14%20Fuqua%20Bulletin/AdministrationFORHTML.02.3.html |archive-date = 2014-07-23 |url-status = dead }}</ref>
<ref name=whois> {{cite news | title =Who is Ashok Vemuri? | url =http://www.business-standard.com/article/companies/who-is-ashok-vemuri-113091200097_1.html | newspaper =Business Standard | date =12 September 2013 | accessdate = 2016-07-31 }}</ref>
<ref name="zforbes"> {{cite news | title =What will Infy Do After they are Gone? | first =Mitu | last =Jayashankar | url =http://forbesindia.com/article/boardroom/what-will-infy-do-after-they-are-gone/1032/0 | newspaper =Forbes India | publisher = | date = June 5, 2009 | accessdate = 2016-07-31 }}</ref> <ref name="uxeroxwsj"> {{cite news | title =Xerox Names Ashok Vemuri CEO of Outsourcing Business | first = Anne | last =Steele | url =https://www.wsj.com/articles/xerox-names-ashok-vemuri-ceo-of-business-services-company-1465911479 | newspaper=The Wall Street Journal | date =June 14, 2016 | accessdate = 2016-07-31 }}</ref> <ref name="bilook"> {{cite news | title =iGate CEO Ashok Vemuri now in Capgemini's management board | first =India | last =Bureau | url =http://www.businessinsider.in/iGate-CEO-Ashok-Vemuri-now-in-Capgeminis-management-board/articleshow/48238006.cms | newspaper =Business Insider | publisher = | date =July 27, 2015 | accessdate = 2016-07-31 }}</ref> <ref name="bloomberid"> {{cite news | title =Ashok Vemuri | url =https://www.bloomberg.com/research/stocks/people/person.asp?personId=44487603&ticker=INFY | newspaper =Bloomberg Business | date = | accessdate = 2016-07-31 }}</ref> <ref name="FT"> {{cite news | title =Capgemini to buy IGATE in $4bn deal | url =http://www.ft.com/fastft/313742/capgemini-buy-igate | newspaper =Financial Times | date =27 April 2015 | accessdate = 2016-07-31 }}</ref>
</references>
== External links == {{Commons category}} * [http://www.news.xerox.com/news/Xerox-names-CEO-of-post-separation-BPO-company Ashok Vemuri Biography] by Xerox
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{{DEFAULTSORT:Vemuri, Ashok}} Category:1968 births Category:Living people Category:Indian chief executives Category:Businesspeople in the software industry Category:American people of Telugu descent Category:Businesspeople from New Jersey Category:Businesspeople from Andhra Pradesh Category:Indian emigrants to the United States Category:American chief executives in technology Category:Indian philanthropists Category:Chief executives in technology