UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 17, 2017
Syntel, Inc.
(Exact Name of Registrant as Specified in Its Charter)
| Michigan | 000-22903 | 38-2312018 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 525 E. Big Beaver Road, Suite 300, Troy, Michigan | 48083 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
Registrant’s telephone number, including area code (248) 619-2800
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(c) On July 17, 2017, the Board of Directors of Syntel, Inc. (“Syntel”) appointed Rakesh Khanna as Chief Executive Officer and President of Syntel effective July 18, 2017. Mr. Khanna, age 55, has served as Interim Chief Executive Officer and President of Syntel since November 2016. He previously served as Chief Operating Officer of Syntel from January 2012 to November 2016 and as President, Business Unit Head—Banking and Financial Services for Syntel from July 2005 to December 2011.
(d) On July 17, 2017, the Board of Directors of Syntel also elected Rakesh Khanna to the Board to fill a seat that has been vacant since October 31, 2016.
Mr. Khanna is not a party to any arrangement or understanding pursuant to which he was selected as a director, nor is Mr. Khanna a party to any transaction, or proposed transaction, required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Securites Exchange Act of 1934.
As an employee director, Mr. Khanna will not receive any additional compensation for serving on the Board of Directors.
A press release announcing these events is attached to this Report as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
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Exhibit
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| 99.1 | Press Release dated July 18, 2017. | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Syntel, Inc. |
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| (Registrant) | ||||||||
| Date | July 18, 2017 | By | /s/ Daniel M. Moore | |||||
| Daniel M. Moore, Chief Administrative Officer | ||||||||
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EXHIBIT INDEX
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Exhibit
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Description |
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| 99.1 | Press Release dated July 18, 2017. | |
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Exhibit 99.1
Syntel Names Rakesh Khanna CEO and President
TROY, Mich. – July 18, 2017 – Syntel, Inc. (Nasdaq:SYNT), a leading global provider of integrated information technology and knowledge process services, today announced that the Syntel Board of Directors has appointed Rakesh Khanna to the post of Chief Executive Officer and President of the Company, effective immediately. In this role, he will continue to report to Syntel Co-Chairman Prashant Ranade.
Mr. Khanna has held the position of interim CEO and President since November 3, 2016, and previously served as the Company’s Chief Operating Officer and as President of Syntel’s Banking and Financial Services Business Unit.
“Rakesh has more than 30 years of experience in the technology services industry, and a demonstrated track record of success in several different roles at Syntel,” said Syntel Co-Chairman Bharat Desai. “He brings with him a deep understanding of our company, our customers, and the industries that we serve.”
“Syntel’s Board is confident that Rakesh will continue to drive our strategy and exceed the expectations of our clients,” said Syntel Co-Chairman Prashant Ranade. “We feel that Rakesh is the right person to help lead the Company and build on our strong foundation of innovation and customer service.”
“I would like to thank the Syntel Board for the confidence they have shown in me, and for the opportunity to lead Syntel,” said Rakesh Khanna. “I am honored to accept this position, and I look forward to working hard to help our clients evolve to meet the challenges of the Digital Age.”
Khanna has also been elected to the Company’s Board of Directors.
About Syntel
Syntel (Nasdaq:SYNT) is a leading global provider of integrated information technology and knowledge process services. Syntel helps global enterprises evolve the core by leveraging automation, scaled agile and cloud platforms to build efficient application development and management, testing and infrastructure solutions. Syntel’s digital services enable companies to engage customers, discover new insights through analytics, and create a more connected enterprise through the internet of things. Syntel’s “Customer for Life” philosophy builds collaborative partnerships and creates long-term client value by investing in IP, solutions and industry-focused delivery teams with deep domain knowledge.
To learn more, visit us at www.syntelinc.com .
Safe Harbor Provision
This news release may include forward-looking statements, including those with respect to the future level of business for Syntel, Inc. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 or from other factors not currently anticipated.
Contact:
North America/Europe: Jon Luebke, Syntel, 248/619-3503, jon_luebke@syntelinc.com
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