SANTA CLARA, Calif., USA and PUNE, India, May 2024 — Persistent Systems, a leader in digital engineering and enterprise modernization, today announced the appointment of Vinit Teredesai as the new Chief Financial Officer (CFO), effective immediately. Teredesai will succeed Sunil Sapre, the current Executive Director, who is set to retire later this year.
Vinit Teredesai brings over 28 years of extensive experience in finance, including roles in accounting, auditing, taxation, fund raising, risk management, mergers and acquisitions, and corporate restructuring. His previous positions include CFO roles at LTIMindtree Limited and Mindtree Limited, as well as CFO and CIO at KPIT Technologies Limited. Teredesai is a qualified Chartered Accountant, Cost and Management Accountant, and a Certified Public Accountant in the United States. He also completed a General Management program at the Sloan School of Management, MIT, focusing on strategy, innovation, and technology.
Sandeep Kalra, CEO and Executive Director of Persistent, expressed his enthusiasm about the new appointment: “It’s my pleasure to welcome Vinit to the Persistent team. Vinit’s rich industry experience and expertise in the finance domain will be a valuable addition to the executive team in the next orbit of our growth journey to $2 billion in revenue and beyond, while ensuring the creation of enhanced stakeholder value. I would also like to thank Sunil for his valuable contribution to Persistent over the past 9 years. Sunil will continue to be a key part of Persistent executive team and our board till his retirement later this year.”
Sunil Sapre, the outgoing CFO, also commented on the transition: “I am very happy to welcome Vinit and wish him the best as he steps in as the next CFO of the Company. I will be working closely with him to ensure a smooth transition. I would like to express my deepest gratitude to our Board for the trust placed in me, and for their support, and guidance throughout my tenure as CFO. In addition, I would like to express my sincere thanks to our customers, partners, investors, analysts, vendors, and other stakeholders for their support through this journey.”
About Persistent:
Persistent Systems (BSE & NSE: PERSISTENT) employs over 23,800 individuals across 21 countries. The company specializes in digital engineering and enterprise modernization. A participant in the United Nations Global Compact, Persistent is dedicated to aligning its strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, and advancing societal goals. According to Brand Finance, Persistent is the fastest-growing Indian IT Services brand since 2020, with a 268% growth in its sector.
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