Narasimha Kini
ExlService HoldingsAbout Narasimha Kini
Executive Vice President, Banking & Capital Markets and Diversified Industries at EXL; age 56; with EXL since 2001. Kini previously led Emerging Business (appointed EVP and Business Head in October 2021) and held multiple leadership roles in strategic initiatives and finance and accounting services; prior experience includes Finance Leader at Willis Faber . EXL’s performance during his tenure has been strong: revenue rose from $1.412B in 2022 to $1.838B in 2024, net income increased from $143.0M to $198.3M, and diluted EPS grew from $1.10 to $1.21, with 1-year TSR of 43.9% as of 12/31/2024 and 3- and 5-year TSR of 53.3% and 219.5%, respectively .
Company performance (context during Kini’s leadership)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue ($USD Billions) | $1.412 | $1.6307 | $1.8384 |
| Net Income ($USD Millions) | $143.0 | $184.6 | $198.3 |
| Diluted EPS ($USD) | $1.10 | $1.10 | $1.21 |
| TSR (1-,3-,5-yr as of 12/31/2024) | — | — | 43.9%, 53.3%, 219.5% |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| EXL | EVP & Business Head, Emerging Business | Oct 2021–2024 | Scaled Emerging Business portfolio across industries |
| EXL | Strategic initiatives; Finance & Accounting services (multiple roles) | 2001–2021 | Built domain/process capabilities that underpin EXL’s data/AI pivot |
| Willis Faber | Finance Leader | Pre-2001 | Financial leadership experience brought to EXL’s operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Willis Faber | Finance Leader | Pre-2001 | Developed finance leadership skills applicable to EXL |
Fixed Compensation
Specific salary/bonus details for Kini are not disclosed in the proxy (he was not a Named Executive Officer). EXL’s program features:
- Base salary: role/market-based; reviewed annually
- Clawback policy: restatement and misconduct triggers; applies to time- and performance-based equity
- Anti-hedging/pledging: hedging prohibited; pledging only above guideline holdings for Reporting Persons (directors/executive officers)
Performance Compensation
EXL ties incentives to Revenue and Adjusted Operating Profit Margin (AOPM) for annual cash incentives, and to cumulative Revenue and relative TSR for PRSUs. Option grants were issued broadly to Executive Committee members (excluding CEO) in 2023; vesting is retentive and aligned with stockholder value .
Annual incentive funding outcomes (Company-wide portion)
| Metric | 2023 | 2024 |
|---|---|---|
| Weighted funding of Company-wide metrics (% of target) | 110.2% | 93.8% |
Long-term incentives – design and vesting
| Award Type | Metric/Trigger | Threshold | Target | Max | Vesting |
|---|---|---|---|---|---|
| Revenue-linked PRSU | Cumulative Revenue (3-year) | 90% → 25% payout | 100% → 100% payout | 110%+ → 200% payout | Cliff at end of 3-year performance period; must remain employed |
| Relative TSR-linked PRSU | TSR vs GICS sub-industry peer group (3-year) | 20th percentile → 0%; 21st → 3.33% | 50th → 100% | 80th+ → 200% (cap at 100% if absolute TSR < 0) | Cliff at end of 3-year performance period; must remain employed |
| Time-vested RSU | Continued service | — | — | — | 25% per year over 4 years |
| Stock Options (2023 one-time) | Stock price appreciation | — | — | — | 25% per year over 4 years; retentive; issued to Executive Committee (ex-CEO) |
Payout history (context): 2022 PRSUs vested at 200% on both revenue (112.5% of target) and TSR (92nd percentile) .
Equity Ownership & Alignment
- Executive stock ownership policy: CEO 6x base salary (3x excluding unvested time RSUs); other Executive Committee members (including Kini) 2x base salary; retention of at least 50% of net shares until compliant .
- Compliance: All covered executives were in compliance as of Dec 16, 2024 and Dec 15, 2023 measurement dates .
- Hedging prohibited; pledging only permissible above guideline holdings for Reporting Persons .
Employment Terms
Specific employment agreement terms for Kini are not disclosed. EXL discloses:
- Change-in-control protection is provided for some executive officers, including NEOs; details (multiples and acceleration) are fully specified for CEO/NEOs but not for non-NEOs .
- NEO restrictions include confidentiality and non-compete/non-solicit for one year post-termination .
Investment Implications
- Alignment: Performance-heavy mix (annual revenue/AOPM and multi-year revenue/relative TSR) and robust clawback/anti-hedging support strong pay-for-performance and discipline .
- Vesting supply: Time RSUs vest annually; PRSUs cliff after three years; options (2023 EC grants) vest over four years—these schedules can create periodic supply from EC members, though individual award data for Kini is not disclosed .
- Retention risk: Broad use of multi-year PRSUs and options (for EC in 2023) mitigates near-term attrition risk across leadership; annual incentive funding variability (93.8% in 2024 vs 110.2% in 2023) underscores sensitivity to execution and macro .
- Change-in-control economics: Explicit acceleration/severance detailed for CEO/NEOs; non-NEO terms are not disclosed—investors should assume variability by role and negotiate specifics .
Disclosure gaps: The proxy does not provide Kini’s individual compensation grants, ownership totals, or specific severance/change-in-control terms. The analysis above relies on EXL’s disclosed frameworks and Executive Committee-wide policies. For transaction-level insider activity, Form 4 data would be required; not present in the proxy .