Bangalore: Mahesh Venkateswaran, the head of Cognizant Technology Solutions Corp.’s social, mobile, analytics and cloud (SMAC) businesses, has stepped down from his role at the company, barely a week after the New Jersey-based company reported lacklustre June quarter results and forecast weaker revenue growth for the year.

Prior to his departure, Venkateswaran, an 18-year veteran at the company who used to report to chief executive Francisco D’Souza, was helping D’Souza incubate new ideas in the SMAC sector.

Cognizant’s SMAC business generates about $500 million in annual revenue.

Last week, Cognizant cut its full-year revenue guidance for the second time in three years and forecast the slowest ever revenue growth in its history, raising concerns among investors who promptly pared down their expectations on the company and punished the stock.

“Yes, Mahesh Venkateswaran has decided to move on to pursue other opportunities. During his nearly 18 years at Cognizant, Mahesh has successfully incubated and grown a number of our practices. Most recently, he was the executive vice-president of our social mobile, analytics and cloud (SMAC) businesses. We wish him good luck in his future endeavours," a Cognizant spokesperson said in an emailed response.

The Economic Times on Monday had reported that Venkateswaran has resigned from the company.