Considered among the top contenders for the first non-founder CEO post at the company, Srinivas who is a Infosys Board Member and President, has resigned in a surprise move.
Infosys ' latest high profile exit B G Srinivas may join another IT services firm as its Chief Executive Officer (CEO) and Managing Director.
Considered among the top contenders for the first non-founder CEO post at the company, Srinivas who is a Infosys Board Member and President, has resigned in a surprise move.
This is the tenth top-level exit from the Bangalore-based company since the return of co-founder NR Narayana Murthy at the helm of affairs in June last year.
Sources in know of the development told PTI: "Srinivas will join as CEO and Managing Director (MD) of another listed entity. The announcement to this effect is likely to announced soon."
Also Read: Infosys exodus continues: Bad news for stock, say experts
Srinivas, who was Infosys' highest-paid executive (annual compensation of Rs 7.52 crore in 2013-14 fiscal), led key portfolios like financial services, manufacturing and public services. His resignation will be effective June 10.
Srinivas was considered to be among the top contenders for the job of CEO when S D Shibulal retires on January 9, 2015. With the exit of Srinivas, the chances of an outsider taking over as the CEO of the over USD 8 billion company have brightened.
Srinivas, who joined Infosys in 1999, was elevated to the post of President earlier this year in January. Prior to joining Infosys, Srinivas spent 14 years at power and automation technologies firm ABB, where he held several leadership positions.
He holds a degree in mechanical engineering from Bangalore University and has participated in executive programs at Wharton Business School and Indian Institute of Management, Ahmedabad.
Infosys stock price
On May 19, 2014, Infosys closed at Rs 3084.40, down Rs 93.45, or 2.94 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2315.35.
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 17.37. 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 4.21.
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