Cognizant Shakes up Management

Francisco D’Souza to replace president and CEO Lakshmi Narayanan in 2007Cognizant Technology’s president and CEO Lakshmi Narayanan will be replaced by the company’s chief operating officer, Francisco D’Souza, effective in 2007, the company announced. Narayanan, who has served as president and CEO and has been part of Cognizant’s leadership team since the Teaneck IT company was founded in 1994, will serve as vice chairman of the company’s board of directors upon stepping down. Among the several staff changes announced this week by Cognizant, Gordon Coburn, currently chief financial officer, will be promoted to chief financial and operating officer. Shares of Cognizant (Nasdaq: CTSH) rose $1.06 to $68.29 this morning.