Infosys chief compliance officer Nithyanandan Radhakrishnan quits
Infosys chief compliance officer Nithyanandan Radhakrishnan has quit, making him the tenth top-level executive to leave the company since co-founder Narayana Murthy returned to the helm in June last year.
India's second largest software services firm has appointed Parvatheesam Kanchinadam as its chief compliance officer.
"On April 15, 2014, the board appointed Parvatheesam Kanchinadam, an executive officer of the Company, as the Chief Compliance Officer," Infosys said in a statement.
In this role, Mr Kanchinadam also acts as the ombudsman to whistleblower policy, it added.
Infosys is grappling with high attrition level as compared to its peers. In the quarter ended March 31, Infosys reported an attrition rate of 18.7 per cent.
This is "more than we are comfortable with", chief executive S D Shibulal told a briefing after the company reported its quarterly numbers.
Mr Shibulal said the company was trying to retain its staff through pay increases, promotions and other incentives.
Mr Kanchinadam succeeds Mr Radhakrishnan, who is leaving Infosys to become an independent consultant on international legal matters and the IT services major will be his first significant client.
As the chief compliance officer, Mr Kanchinadam will be primarily responsible for overseeing and managing regulatory compliance at Infosys.
He is also the company secretary, where his responsibility is to manage board procedures and ensure that it is ably equipped with resources to discharge its fiduciary duties and corporate governance practices.
Mr Parvatheesam holds a Bachelor of Commerce (Hons.) degree and is a member of the Institute of Company Secretaries of India.
Several senior-level executives including Ashok Vemuri, V Balakrishnan, Basab Pradhan and Stephen Pratt have left Infosys since executive chairman Mr Murthy has undertaken an organisational overhaul to revive its fortunes. Many of them were seen as possible successors to Mr Shibulal, who earlier this month said he would like to retire early next year.
The company, once a bellwether for the IT outsourcing industry, has been underperforming its rivals in recent years.
Mr Murthy has vowed to boost growth and in a recent analyst meet reaffirmed that Infosys is on track to fulfill its aspiration of becoming "the most desirable company" as promised by him last year.
He, however, reiterated that the process of rebuilding Infosys will take three years.
Infosys, India's second largest software services firm, on Tuesday forecast dollar revenue growth between 7 and 9 per cent this fiscal year, in line with expectations. (Read more)
Last fiscal year (2013-14), its revenue grew 11.5 per cent.
(With inputs from PTI)