(Bloomberg) -- Rajesh Gopinathan, the chief executive officer of Tata Consultancy Services Ltd., has resigned in a surprise move that will become effective in September.

Most Read from Bloomberg

• First Republic Set to Get $30 Billion of Deposits in Rescue

• First Republic Bank Is Exploring Options Including a Sale

• In New York City, a $100,000 Salary Feels Like $36,000

• The 10 Top US Cities Where a $100,000 Salary Goes the Furthest

• New Fed Bank Backstop Has Scope to Inject as Much as $2 Trillion

TCS, Asia’s biggest outsourcer, has named the head of its banking and financial services business K. Krithivasan as CEO designate. He will take over from Gopinathan, subject to shareholders’ approval, in the next financial year, according to a company filing.

Gopinathan, who has worked with the Mumbai—headquartered TCS for more than two decades, began leading the software services giant in 2017. Last year, his term was extended by another five years. He was previously the chief financial officer at the company.

His resignation will be effective from the close of business on Sept. 15, TCS said in the filing.

Gopinathan’s decision to quit comes at a time Indian outsourcers are bracing for a slowdown in the global economy, which could curtail technology spends as the pandemic-driven tech services boom cools.

Under Gopinathan’s leadership TCS revamped its organizational structure with specialized groups targeted to help startups as well as large global firms, eyeing revenues of up to $50 billion before 2030. TCS generated sales of $25.7 billion in the year through March 2022.

Most Read from Bloomberg Businessweek

• The SVB Collapse Threatens an Already Fragile Economy

• Glencore CEO Rides Coal Windfall on the Way to a Low-Carbon World

• Brazil’s Surprise Oil Tax Puts $20 Billion in Investment at Risk

• Naples, Florida, Is Getting So Expensive That City Workers Can't Afford It

• Drugs in Orbit: One Startup’s Big Idea for Microgravity

©2023 Bloomberg L.P.