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Coforge chairman Bhatt resigns after 43-day board dispute
Livemint··12 Sept
In 43 days, O.P. Bhatt went from nomination committee backing for another five-year Coforge chair term to resigning on September 8. Advent International, owning 21.18% of Coforge, opposed his continuation until 2032 on age grounds, executives told Livemint. Bhatt's reappointment drew 65% shareholder support, below the 75% threshold required once he turned 75 years old.
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What It Means For You
- Coforge shareholders may see a new chair vote before January 2027 when Advent's interim chair term ends.
- Board evaluation disputes can influence how independent directors are rated.
- IT services clients sometimes review governance upheaval during contract renewals.
What's Happening
- The nomination committee approved Bhatt's term from May 2027 to April 2032 on July 27.
- KPMG flagged gaps around a board evaluation where Bhatt scored lowest, filings said.
- Advent added three nominees to the board after Coforge's Encora acquisition closed.
Coforge governance fight
- Coforge acquired U.S. data firm Encora for $2.39 billion last year.
- Bhatt is a former State Bank of India chairman and long-serving independent director.
- Vivek Sharma, an Advent advisor, became interim chairman until January 2027.
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