Bengaluru: In a surprising move, BlueBell technologies, a major IT company based in Bengaluru, saw its CEO step down yesterday after just six months since he took over.
An email sent from the CEO’s mail id to all employees of the company revealed that the Chief Executive was keen on ‘pursuing other interests’ and decided to relinquish his services.
Company insiders however say that the reason for his axing was something different. A highly placed official said that the Board of Directors were not happy with the executive’s performance and decided to get rid of him.
“We have observing the CEO for quite some time now. To be fair to him, it would be too early to comment on his performance. But we found his behavior does not fit the position he’s been appointed for,” said Jay Gupta, who is part of the company board.
When asked to elaborate about the CEO’s behavior he said, “Since day 1, he’s always reported to work on time. Its common sense that CEO is not supposed to come to work before lunch time. This will set a bad precedent. Also, he has hardly spent any company money on business visits.”
“His performance too is raising eyebrows. We expected him to do something that befits his designation. You know like change the logo, reinvent the brand, and maybe change a few names here and there. I mean that’s like the unwritten rule. Look at Sundar Pichai. The first thing he did after being appointed as Google CEO was changing the logo,” said Mr. Gupta, with a dissatisfied look.
“Even his speeches are uninspiring. In all the six months that he has been here, even once have I not heard him say ‘employees are assets’, ‘We need to attract the right talent’, and so on. I mean, do we have to tell him all this,” said another director under condition on anonymity.
Sources say that shareholders too have lost confidence since the new CEO has taken over and the company does not want to take any chances with investor sentiments.
“The stock price fell by around 40% in the last six months. How long can we fool investors that the stock holds inherent value?” questioned a broker.
The company remains tight lipped on questions related to replacement for the CEO’s post but made it clear that the new hire would be adequately ‘familiarized’ with workplace etiquette.