New Delhi, June 21 : CEO changes usually don't lead to a turnaround among large IT firms that have lagged on growth previously and IT stocks outperform over longer periods if they improve across multiple metrics, foreign brokerage Jefferies said in a report.

"Our analysis of 13 CEO changes over the past decade shows that midsized IT firms outperform on growth/profitability after a CEO change more often than large IT firms," it added.

A CEO change led to outperformance on revenue growth on seven out of 13 occasions, on revenue and profit growth on five out 13 occasions and on revenue, profit & ROA/ROE on three occasions out of 13 occasions.