iGATE Corp. (IGTE) announced Tuesday morning that its Board of Directors has decided to terminate the employment of President and CEO Phaneesh Murthy. The Board has appointed Gerhard Watzinger as President and CEO on an interim basis.
iGATE gapped open sharply lower Tuesday and has continued to decline in early trade on above average volume. The stock is now down 1.81 at $14.59 and has dropped to a new low for the year.
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