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Infosys dissolves executive council

Mumbai, March 28: Software exporter Infosys today appointed nine executive officers, including executive chairman N.R. Narayana Murthy and CEO and managing director S.D. Shibulal, after announcing the dissolution of its executive council from April 1.

Plans to dissolve the executive council had been announced in January.

The other executive officers are S. Gopalakrishnan, co-founder and executive vice-chairman, Srinath Batni, Pravin Rao, B. G. Srinivas, Rajiv Bansal, Parvatheesam K and Srikantan Moorthy.

Batni, Rao and Srinivas are members of the Infosys board.

Bansal is the chief financial officer, Parvatheesam is the chief risk officer and

company secretary, while Srikantan Moorthy is senior vice-president and group head for human resource development.

The information technology company has been rocked by nine top-level exits in the past eight months including head of its American operations Ashok Vemuri and BPO operations chief V. Balakrishnan.

Other high-profile exits include Subrahmanyam Goparaju, senior vice-president and a member of the executive council, Stephen R. Pratt, who co-founded Infosys consulting, and Basab Pradhan, head of global sales.

Last week, senior vice-president Chandrashekar Kakal also resigned.

Earlier this month, Narayana Murthy had told analysts that he wasn’t worried about the exodus at the top because “barring a few exceptions, most of the people that left us were not adding critical value to the company”.

The Infosys chairman has said his biggest challenge is to re-ignite revenue growth, which is expected to fall to 11.5-12 per cent this year, lower than Nasscom’s projection of 13 per cent for the entire industry. The other worry is crumbling operating margins.

“Revenue growth went down 77 per cent and the margin growth fell 45 per cent during the period March 31, 2011 and March 31, 2013,” Murthy had told the analysts.

Infosys has now devised an action plan to derive as much revenue as possible from consulting-led transformational projects, focus on products, platforms and solutions, and slash costs.

The company expects to see visible results from this strategy in the first quarter of fiscal 2015-16 though it could drag on to the second or third quarters, Murthy added.

The company will also have to brace for further top-level exits. Shibulal will step down in March next year. Batni is due to retire in November this year while Kris Gopalakrishnan will leave in April 2015.

Two independent directors on the Infosys board are also slated to retire this year: David Boyles and Onkar Goswami.

 
 
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