The post of CEO at Infosys will fall vacant when current boss SD Shibulal retires. But the company has not yet finalised a successor. Sources said Srinivas' decision to quit came after it became clear that he was not in the race for Infosys' top job.
BG Srinivas, President and Member of the Board, resigned from Infosys w.e.f June 10, a company press release said. This is the 10th high-profile exit from the company in the last one year. Srinivas, who was once seen as the top contender for the job of Infosys CEO along with Pravin Rao, may have sensed that he was no longer in the reckoning.
Infosys has been seeing a string of exits since Narayana Murthy returned for a second innings in the company. Before Srinivas, nine senior members including V Balakrishnan, Mohandas Pai and Ashok Vemuri had shocked the market by deciding to sever ties with the company after a fairly long spell.
The post of CEO at Infosys will fall vacant when current boss SD Shibulal retires. But the company has not yet chalked out a successor. Sources said Srinivas' decision to quit came after it became clear that he was not in the race for Infosys' top job. There is a lot of speculation that Infosys may take in a external candidate to steer the company forward.
Although Infoys management has done internal evaluation of all contenders for the job of the CEO, CNBC-TV18 learns that the company may not pick anyone internally. In all possibility, the post will go to an outsider.
In the press statement, Narayana Murthy, Executive Chairman said, "BG 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 BG Srinivas for his wonderful contribution and wish him great success in his future endeavors."
Infosys stock price
On May 28, 2014, Infosys closed at Rs 3172.20, up Rs 38.30, or 1.22 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2315.75.
The company's trailing 12-month (TTM) EPS was at Rs 177.52 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 17.87. The latest book value of the company is Rs 733.03 per share. At current value, the price-to-book value of the company is 4.33.
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