Majesco terminates services of Wayne Locke as CFO

On July 8, 2020, Majesco terminated the services of Wayne Locke as Chief Financial Officer of Majesco effective immediately. Majesco has initiated a search to identify a successor Chief Financial Officer with the assistance of an executive search firm.

Pursuant to the terms of Mr. Locke's employment agreement, Mr. Locke shall receive two weeks of notice pay and, as severance, six months of his base salary together with a prorated portion of his annual bonus.

Effective as of July 8, 2020, Majesco appointed Farid Kazani to serve as Interim Chief Financial Officer of Majesco.

Farid Kazani served as Chief Financial Officer and Treasurer of Majesco from 2011 until April 2019. In addition, Mr. Kazani has served as Group CFO and Director of Finance of Mastek Limited from 2009 until June 2015. Mr. Kazani serves as a Managing Director of Majesco Limited. Mr. Kazani led the demerger of Mastek Limited's insurance-related business which was completed in June 2015. Mr. Kazani has led acquisitions by Majesco and the listing of Majesco on NYSE American. Prior to joining Mastek Limited, Mr. Kazani served as CFO-India and Global Financial Controller for Firstsource Solutions Ltd., an IT-enabled services and business process outsourcing firm, where, among other things, he played a central role in the company's initial public offering in 2007. Mr. Kazani's earlier experience also includes positions with a number of large businesses in India, including RPG Enterprises, BPL Mobile, Marico Industries Ltd, Piramal Enterprises Ltd and National Organic Chemical Industries Ltd. Mr. Kazani has over 29 years of professional experience with core competencies in mergers and acquisitions, business restructuring, capital raising, strategic business planning, treasury management, partnership and divestments. He earned a Bachelor's of Commerce from Mumbai University and holds qualifications as a Member of the Institute of Cost Accountants of India (Grad. CWA) and The Institute of Chartered Accountants of India (ICAI).

Shares of Majesco Ltd was last trading in BSE at Rs.360 as compared to the previous close of Rs. 352.35. The total number of shares traded during the day was 1864 in over 251 trades.

The stock hit an intraday high of Rs. 362.95 and intraday low of 354.5. The net turnover during the day was Rs. 667520.

Source : Equity Bulls

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