Quess Corp’s Board of Directors approved significant changes on March 16, 2026. Mr. Lohit Bhatia is being re-designated as Executive Director and Group CEO effective June 1, 2026. Concurrently, Mr. Guruprasad Srinivasan is resigning as Executive Director on May 31, 2026, transitioning to a strategic advisory role. Furthermore, the Board formulated the Quess Stock Ownership Plan 2026 (QSOP 2026), involving up to 52,50,000 RSUs.
Key Leadership Transitions Approved
The Board of Directors of Quess Corp Limited convened on March 16, 2026, to approve crucial changes concerning the Key Managerial Personnel and the introduction of a new employee incentive scheme, based on the recommendation of the Nomination and Remuneration Committee.
Appointment of New Group CEO
Mr. Lohit Bhatia (DIN: 07980280) has been approved for re-designation as the Executive Director and Group Chief Executive Officer of the Company. This appointment is effective from June 01, 2026, for a term of three years, subject to shareholder approval. Mr. Bhatia, who has over 28 years of experience and was instrumental in scaling the Staffing business to India’s No. 1, will continue to serve as a Key Managerial Personnel.
Resignation of Executive Director
Mr. Guruprasad Srinivasan (DIN: 07596207) has resigned from the position of Executive Director, effective at the close of business hours on May 31, 2026, upon completing 18 years of service. The Company noted that Mr. Srinivasan will remain engaged in a strategic consultancy and advisory capacity following his tenure.
Launch of Quess Stock Ownership Plan 2026 (QSOP 2026)
In line with its philosophy of aligning employee interests with shareholder value, the Board also approved the introduction of a new stock incentive plan, the Quess Stock Ownership Plan 2026 (‘QSOP 2026’), and amendments to the existing QSOP 2020.
Amendment to QSOP 2020
The Board approved a reduction in the total number of Restricted Stock Units (RSUs) available under QSOP 2020. Of the original 36,50,000 RSUs, the unallocated balance of 18,22,968 RSUs will be redeployed to the new QSOP 2026 scheme.
Details of QSOP 2026 Formulation
- The QSOP 2026 has been formulated to grant up to 52,50,000 performance-oriented RSUs to eligible employees of the Company and its subsidiaries/associates.
- These RSUs are exercisable into an equivalent number of equity shares, representing 3.52% of the share capital of the Company.
- Vesting will be based on both Company performance (including achievement of Revenue, EBITDA, and Operating Cash Flow) and individual employee performance.
- The Trust acquiring the shares will be established as the ‘Quess Corp Limited Employees Welfare Trust’ for administration purposes.
- The maximum additional dilution to the paid-up share capital resulting from this new plan will be 2.3%, after accounting for the redeployed RSUs.
The formulation and implementation of QSOP 2026 are subject to the approval of the shareholders via a Postal Ballot.
Source: BSE
