Bangalore, May 29 – IT giant Infosys Limited has lost yet another senior executive. The blue-chip company’s president and board member, B.G. Srinivas, resigned on Wednesday. “The resignation will be effective June 10,” the $8.3-billion global software major said in a statement here.
Tipped to have been in race for the new executive post as an internal candidate after incumbent and co-founder S.D. Shibulal retires early 2015, Srinivas was elevated to the newly created president’s post in January along with another board member, U.B. Pravin Rao.
“Srinivas has been an integral part of Infosys and has played an important role in the company’s growth. The board and every Infoscion thank him for his wonderful contribution and wish him great success in his future endeavours,” Infosys co-founder and executive chairman N.R. Narayana Murthy said in the statement.
Since Murthy returned to head the company on June 1, 2013, with his son Rohan Murthy as his executive assistant, at least 10 senior executives, including a couple of directors, have put in their papers.
The board of directors placed on record its deep sense of appreciation for the services rendered by Srinivas. “I thank Infosys for the wonderful opportunity given to me. My tenure at the company has been one of my most rewarding experiences; I am proud to have contributed to the best growth story in the industry,” Srinivas said.
Shibulal said Srinivas played a pivotal role in building the enterprise solutions unit and strengthened the company’s business in Europe besides driving growth in key business verticals. The city-based company also lost a whopping 36,258 people last fiscal (2013-14) despite salary hikes and promotions.
With Shibulal desiring to exit in January ahead of his retirement in March 2015, the company asked its nomination board 11 to short-list and evaluate an internal slate of candidates with the assistance of Development Dimensions International (DDI), a company specialising in corporate executive evaluations.
The company’s board had also appointed Egon Zehnder, an executive search firm, to assist the committee in identifying an external list of candidates to succeed Shibulal. “In any company, when there are changes in the management, a few exits are bound to happen.
At this point in time, it is very important for Infosys to get a new chief executive in place and get things back on track,” former Infosys board member V. Balakrishnan told IANS here.
Balakrishnan, who quit the company on January 1 and joined the Aam Admi Party, contested the recent Lok Sabha elections from the Bangalore Central constituency but lost to BJP’s P.C. Mohan. Murthy co-founded the blue-chip company in 1981 along with N.S. Raghavan, S. Gopalakrishnan, Nandan Nilekani, Shibulal and K. Dinesh, who resigned in April 2011.
-INDIA TODAY
