News round-up: February 7

by Vault Consulting Editors | February 07, 2011

  • My Vault

Ah, Monday—that sinister black hole at the intersection of time and space. Nothing can escape its hellish grasp. But wait…there is a light at the end of the tunnel. No, it’s not Friday, you donkeys! It’s the news round-up at Consult THIS, and congratulations—you’ve finally arrived!

Kicking off this week’s wintry mess is Cognizant, which today released its fourth quarter 2010 financial results. Cognizant, in stark contrast to Navigant before it, enjoyed considerable growth in both headcount and revenue both in the fourth quarter and the full year. Francisco D’Souza, Cognizant President and CEO, was predictably happy. "We are pleased with how quickly our business rebounded during 2010 – a validation of our strategy of continuing to invest through the downturn." Just how quick was the rebound? For starters, 2010 revenue hit $4.59 billion, an increase of more than 40 percent from 2009 ($3.28 billion). Net income was up nearly $200 million this year. And best yet, the firm hired more than 8,000 employees in the fourth quarter alone, bringing its headcount to well over 100,000. The firm is justifiably bullish about its prospects in 2011, predicting a 26 percent revenue increase from this year's haul. I'm on board. Pretty impressive stuff.

Next up we hear from Wipro, one of Cognizant's biggest rivals in India and East Asia. Chairman Azim Premji, billionaire/human bird (see: "volucrine"), has been busy lately: last month, he fired the firm's joint CEOs in response to weak numbers and lost ground in the ongoing race against Cognizant, Tata Consultancy Services and other competitors. This month, Wipro is set for further shakeups across key leadership positions. The first of what is anticipated to be several changes comes today in the form of Sangita Singh, tapped to head the company's healthcare consulting division. The unit's previous leader was removed earlier this year alongside the joint CEOs; Singh now steps into a high-pressure role that demands immediate results. Wipro is primarily an IT services company, so its healthcare consulting unit's primarily function is to deliver tech solutions to hospitals and caregivers.

And now, last on the docket for this grueling Monday: Booz Allen Hamilton appointed Mark Gaumond, a former Ernst & Young and Arthur Andersen exec, to its board of directors today. Interesting, considering Gaumond's lack of history with the firm. The Booz Allen board of directors seats only eight people, and three of those lie with parent company Carlyle Group; now, at least half of the board members are Booz Allen outsiders. This is Gaumond's first stint in defense/government consulting, too.  Strange, but then again, a lot of what Booz Allen does defies normal business practice.

For more information:
Cognizant Reports Fourth Quarter and Full Year 2010 Results
Times of India: Wipro brass set for recast
Booz Allen Hamilton Appoints Mark gaumond to its Board of Directors

Filed Under: Consulting

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