Balakrishnan quits Infosys; 8th big exit in six months

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SummaryBalakrishnan is reported to have said that Murthy’s return was the “best thing that happened to Infosys.

Marking the eighth high-profile exit at Infosys over the last six months, V Balakrishnan, director and CFO, is slated to resign from Infosys effective December 31, the firm informed the BSE today. All of these key exits have taken place ever since NR Narayana Murthy returned at the helm in June 2013.

Balakrishnan, also the chairman of Infosys Lodestone, was reported to be a front-runner for the role of CEO once SD Shibulal retires. “Bala ... has been a key driver behind all of out achievements in areas of investor relations and corporate governance,” said Infosys CEO SD Shibulal.

In an interview with CNBC-TV18, Balakrishnan said it was not appropriate to comment on a possible successor but clarified that his decision to quit was purely a personal once. “I have been thinking about resigning for a while now... want to get into the private equity space...,” Balakrishnan was reported to have said. When asked if his exit had anything to do with Murthy’s return, Balakrishnan is reported to have said that Murthy’s return was the “best thing that happened to Infosys” and that he is currently awaiting Sebi’s approval for his private equity fund, which he has formed along with former Infosys executive Mohandas Pai and former Wipro executive Girish Paranjpe.

Last month, Stephen R Pratt the firm’s head of Utilities and Resources for North America had put in his papers while in September, Infosys’ head of BPO sales in Australia Kartik Jayaraman and BPO head Latin America Humberto Andrade quit the firm. Ashok Vemuri who was heading the company’s operations in the Americas put in his papers in August. V-P and financial services head for the Americas, Sudhir Chaturvedi, too quit in the same month. In July, Global Sales head Basab Pradhan had announced his decision to leave Infosys.

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