While appreciating the contribution of Srinivas, Murthy said Shibulal would manage the outgoing president's portfolio till a new CEO is chosen. The nomination committee is in the process of finding a new leader as planned. While the search is on, Shibulal, Kris and I will continue to spearhead the company in the direction we have set for Infosys, Murthy said in the mail, accessed by FE.
He added that the company will be able to evolve with the changing times and turn around its fortunes. Murthy said that the company is seeing a transition in leadership and is in the interests of employees. We will see some transition in leadership and please be assured that the transition is in the interest of the company, the mail said.
I want to reassure you that Infosys remain focussed on its mission and will continue to deliver on the commitments made to our clients and employees. We will perform and grow. We will endeavour to earn the goodwill of our clients, employees and investors.
The letter said that Srinivas had expressed his desire to pursue interests outside Infosys and that he held Srinivas in high esteem. It added that he was an integral part of the company and had played an important part and appreciated his contributions.
Srinivas will join PCCW, a Hong Kong-based company with interests in telecommunications, media and IT solutions, as its managing director with effect from July 14. He spent 15 years at Infosys and was seen as the top contender from within the company for the post of CEO at the IT major.
According to a notification by PCCW to the Hong Kong Stock Exchange, Srinivas will be entitled to a basic salary of approximately $1.14 million (equivalent to approximately HK$8.84 million) per year, plus a housing allowance and a non-discretionary annual bonus of $180,000. In addition, the Appointment Agreement provides that Srinivas will be entitled to performance related cash and share based compensation, subject to the achievement of performance targets.