Infosys President BG Srinivas Resigns, 11th Top-Level Exit Since Murthy's Return
In yet another high profile exit at Infosys, president and member of the board BG Srinivas has resigned. Mr Srinivas is the eleventh top-level executive to leave the company since co-founder Narayana Murthy returned to the helm in June last year.
The resignation is effective June 10, the company said in a statement. Infosys did not give give any reason for Mr Srinivas' resignation.
However, the Press Trust of India (PTI) said in a report citing unnamed sources that he will join as CEO and managing director of another listed IT firm. (Read more)
"I thank Infosys for the wonderful opportunity given to me. My tenure at Infosys has been one of my most rewarding experiences, and I am proud to have contributed to the best growth story in the industry. I wish the Board and Infosys the best of success in the future," Mr Srinivas said.
Mr Srinivas was seen as one of the frontrunners for the CEO post after SD Shibulal retires. Mr Shibulal is set to retire in January 2015, two months ahead of his superannuation.
(Also read: Infy battles worker exodus amid top-level exits)
"During his tenure at Infosys, BG Srinivas played a pivotal role in building the Enterprise Solutions Unit, strengthening our business in Europe and driving growth in key business verticals. I would like to wish him the very best," Mr Shibulal said in the statement issued by Infosys.
Last month, Infosys chief compliance officer Nithyanandan Radhakrishnan quit. He was the last top-level executive to leave the IT services firm before Mr Srinivas. (Read more)
India's second largest software services firm 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, the highest level among its peers.
The company, once a bellwether for the IT outsourcing industry, has been underperforming its rivals in recent years.