Infosys president BG Srinivas resigns

BANGALORE: Infosys president and board member BG Srinivas has resigned from the company marking the eleventh top-level exit in the company since NR Narayana Murthy's return to the helm as executive chairman in June last year. Srinivas's sudden exit comes at a time when he was seen as a front-runner for the CEOs post. His resignation is effective June 10.

Sources told TOI that Srinivas was seen to be dissatisfied after some of the newbies, who were reporting into him, were evaluated as contenders for the CEO's post. That could possibly be one of the reasons for his sudden exit, they said.

Srinivas's resignation has brightened the prospects of an external candidate taking over as the CEO of the $8.2 billion Indian IT services firm. Incumbent CEO SD Shibulal has sought an early retirement in January, two months ahead of completing his tenure in March 2015.

Infosys has appointed Development Dimensions International (DDI), a company specializing in corporate executive evaluations, to evaluate the internal pool of candidates. It has also appointed executive search firm Egon Zehnder to assist the nominations committee in identifying an external slate of candidates.

Murthy in a statement said, "B G Srinivas has been an integral part of Infosys and has played an important role in the company's growth. The Board and every Infoscion thanks B G Srinivas for his wonderful contribution and wish him great success in his future endeavours."

Four months back, Infosys elevated Srinivas as the president of the firm focusing on global markets. Financial services, insurance, manufacturing, engineering services, energy and communications, Infosys Public Services, Infosys Lodestone, strategic global sourcing, marketing and alliances was reporting to Srinivas.

The second-largest IT company lost its bellwether status when its sales and operating profit lagged behind its competitors like TCS and Cognizant. Last year, Infosys's board sought Murthy return from retirement to revive the company's flagging fortunes.

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