Infosys President BG Srinivas will join Hong Kong-based diversified group PCCW as Group Managing Director in July, after ending his 15-year old stint with India's second largest IT services firm.
In a surprise move yesterday, Infosys announced the resignation of Srinivas, who was considered a top contender for the CEO post at the over USD 8 billion IT giant, effective June 10.
In a statement, PCCW today said: "PCCW is pleased to announce today the appointment of Srinivas Bangalore Gangaiah as its Group Managing Director with effect from July 14."
Srinivas will succeed George Chan, who will retire from his position as the Group MD, following completion of his contract with the company on July 7, 2014.
"I am confident that his (Srinivas) immense IT knowledge, experience in service-oriented organisations, leadership skills and international perspective will provide PCCW Group with additional momentum," PCCW Chairman Richard Li said.
He added that Srinivas will help develop PCCW's media and IT businesses locally and internationally.
Also Read: Infosys exodus continues: Bad news for stock, say experts
With revenues of over USD 3.5 billion in 2013, PCCW is a Hong Kong-based company with interests in telecommunications, media, IT solutions, property development and investment, and other businesses.
Srinivas' resignation is the tenth top-level exit from Infosys since the return of co-founder NR Narayana Murthy at the helm of affairs in June last year.
Srinivas was considered to be among the top contenders for the job of Infosys CEO when S D Shibulal retires on January 9, 2015.
At Infosys, Srinivas led key portfolios like financial services, manufacturing and public services. He was also the firm's highest-paid executive (annual compensation of Rs 7.52 crore in 2013-14 fiscal).
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 programmes 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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