New Delhi:
IT giant Infosys announced its Q4 results today, with profit and revenue that analysts said were disappointing. It also announced that Mohandas Pai, member of its board and the company's Director In-charge of the Human Resource Department, has resigned from the company. (
Infosys Q4 results disappointing |
Track stock: Infosys trading in red )
This is the biggest resignation since Nandan Nilekani quit the company.
Pai has resigned as member of the Infosys board and as Director, Human Resources Department. His resignation is effective June 11, 2011, after the company's annual general meeting. The reasons for his quitting are not known yet, but it has come as a surprise to the industry since there was no indication of it.
There is some speculation that Pai may join the massive Unique ID project being helmed by Nandan Nilekani. That also seemed to find reflection in Infosys Chairman and Chief Mentor Narayan Murthy's words on Pai's resignation. "Mohan has been an early adopter and a keen anchor builder of Infosys. It is difficult to imagine Infosys without Mohan's passion, commitment, joie-de-vivre and intellect. We all know that he is taking this painful decision since he has much bigger projects in the horizon - nation building. The Board and every Infoscion thank Mr. Mohandas Pai for his wonderful contribution and wish him great success in his future endeavors," he said.
But Pai would only say for now that, "We have to make way for the younger generation to take over and I had discussed this with Mr Murthy nine months back. I have not decided on my future course of action."
Mohandas Pai joined Infosys in 1994 and served as a member of the board since May 2000. He was the Chief Financial Officer from 1994 to 2006.
Infosys Chairman NR Narayan Murthy will retire in August this year and the company's board of directors will meet at the end of this month to finalise leadership plans.
In other changes, Ravi Venkatesan has been appointed as Director and co-founder of the company, K Dinesh, has retired.