Epam Systems incoming CEO Balazs Fejes: Engineering, AI, and the road ahead

EPAM Systems is a leading digital transformation and product engineering company. As it prepares for a leadership transition this September, Balazs Fejes — currently President of Global Business & Chief Revenue Officer — will take over as CEO and President on 1 September 2025.

A two-decade veteran of EPAM, Fejes has worn multiple hats, from CTO to CRO, bringing a rare blend of deep engineering expertise and client-focused business outcomes.

In a wide-ranging conversation with Dataquest, he reflects on EPAM’s evolution since its founding in 1993, the disruptive power of AI, the company’s global footprint (including India’s growing role), and his priorities as he prepares to lead EPAM into its next chapter. At the core of his vision lies a conviction: while coding tools may evolve, engineering remains the bedrock. And EPAM’s sweet spot is helping enterprises build complex, scalable, business-driven solutions in an increasingly AI-first world. Excerpts.

EPAM has often described itself as an “engineering-first” organisation. How does this DNA shape the way you are approaching the AI revolution?

At EPAM, we have always believed that engineering is at the heart of everything we do. Coding tools will keep evolving . I agree that AI will change how people write code, but engineering as a discipline does not disappear. If anything, it becomes even more critical. Enterprise solutions are becoming more complex because AI demands strong foundations: cloud migration, clean and structured data, scalable platforms. Without this groundwork, AI projects fail.

Given this backdrop, what we are doing is doubling down on both fronts: training our engineers to use new AI tools effectively, while also focusing on building the cloud, data, and architectural foundations that make AI adoption successful. Ultimately, we want our clients to move beyond experimentation and deliver business outcomes. That means ensuring solutions are not only innovative, but also scalable, maintainable, and aligned with real business cases.

Looking back to 1993, EPAM has navigated multiple technology waves. Right from the early internet to cloud and now AI. Do you see the current moment as a fundamental reset?

In many ways, in my perspective, what we are seeing now with AI feels similar to the early days of the internet. The mid-1990s was a defining period. It’s a fact that new technologies have created entirely new business models. But AI is unfolding at a much faster pace and on a much bigger scale. The technology stack we have today is far more advanced, and industries are deeply interconnected, so the impact is more immediate.

AI will reshape business models, customer engagement, and even internal processes. But it’s not just about deploying a new tool, it’s more about leading a full business transformation. That is why EPAM’s mix of engineering, consulting, and product innovation is so important. For me personally, my CTO background helps me separate hype from reality, because I still work with technology at the ground level. At the same time, my CRO experience gave me the ability to focus on what clients actually need. Bringing those two perspectives together is essential as we step into this new wave.

You have spoken about client-centricity. What has changed in enterprise buying behaviour in the last few years?

The biggest change is that technology is no longer confined to IT or the back office. With digitalisation, systems of engagement, the platforms customers actually use, have become front and centre. That means technology decisions now involve CEOs, CFOs, CMOs, and business heads alongside CIOs.

Each stakeholder comes with a different perspective: CFOs focus on ROI, CMOs want customer experience, CEOs think about growth, and CIOs manage architecture and security. Our role has expanded from being a technology partner to being a broker across these stakeholders. We bring different interests together and ensure the final solution is cohesive, integrated, and business-driven. 

India has become a strategic hub for global enterprises through GCCs. How do you view India’s role in EPAM’s operations?

India plays the role of a delivery engine serving our global clients. But now, with the rapid growth of Global Capability Centres (GCCs), the dynamics are changing. GCCs are no longer just extensions of the parent company, they have local budget holders, decision-makers, and innovation agendas.

For us, this means two things. First, we are working directly with India-based leaders who are responsible for strategy and execution. Second, we are helping these GCCs transform themselves — modernising processes, adopting AI, and building new capabilities. Many of the older GCCs were not designed with AI in mind, so we help them re-train employees, redesign processes, and implement tools that make them future-ready. This is not just about scaling talent, it is about building transformation capacity, and India is central to that.

Which verticals are seeing the strongest traction for EPAM, especially in an AI context?

Financial services remains one of our largest verticals, but AI adoption is happening across the board. Segments like business information and learning are moving faster because their core business models are under direct threat from AI disruption. They need to transform quickly, and that creates opportunities for us.

That said, our client base is broad. We work with leading companies, but also with tech-native firms who are leaders in their own spaces. These companies often need large-scale engineering capacity to build platforms and scale rapidly. Across industries, the common factor is that clients are looking not just for cost efficiency, but for speed, innovation, and resilience in a rapidly changing market.

Legacy modernisation has long been a sticking point, especially in BFSI. How do you see these industries embracing AI while still tied to on-premise systems?

Not all BFSI organisations are the same. Some are leaders in adoption, while others are lagging — often because of regulatory restrictions. What AI is doing is accelerating the need to modernise. For example, decades-old core systems cannot easily integrate with AI unless they are re-architected or migrated.

The positive change is that the cost of modernisation is coming down. Cloud, modern architectures, and automation are making it more affordable to unlock legacy systems. This creates a window of opportunity for even conservative players to modernise. We are already seeing banks, insurers, and healthcare organisations moving towards hybrid models — private clouds, modular architectures, or selective migration — so they can prepare their data and infrastructure for AI. Over time, the leaders will differentiate by using AI not just for efficiency, but for revenue growth and new products.

As you prepare to take over as CEO, what leadership principles will guide you?

I have always believed in three timeless principles. First, transparency and honesty in communication — whether with employees, clients, or investors. People need to know where the company stands and what we are trying to achieve.

Second, fostering entrepreneurship. EPAM has grown by empowering people to experiment and innovate. Micromanagement kills creativity; we prefer to measure by outcomes and results.

And third, inclusiveness. EPAM is a truly global, distributed organisation. Inclusiveness ensures that every team, regardless of geography, feels valued and engaged. It shapes our culture and helps us stay resilient. Together, these principles give us the ability to adapt, innovate, and grow in an uncertain environment.

Finally, what will be your top priorities in the first 12 months as CEO?

My focus will be on three priorities. First, to ensure that AI adoption delivers real business benefits for our clients, not just experiments. That means aligning AI projects with business cases and outcomes.

Second, to keep strengthening EPAM’s engineering foundations. As solutions become more complex, our differentiation will come from our ability to build enterprise-grade systems that scale, perform, and evolve.

And third, to nurture an inclusive, entrepreneurial culture. Our people are our biggest strength, and giving them space to innovate is critical. If we can combine these elements — client value, engineering depth, and cultural strength — EPAM will be well positioned for the next wave of growth.