Rajiv Bansal, Infosys governance drama’s major character, quits Ola Cabs as CFO

By: | Updated: February 9, 2017 2:03 PM

Ola Cabs Chief Financial Officer Rajiv Bansal, who is in news for being in the eye of high corporate governance drama unfolding at technology firm Infosys, has quit the homegrown taxi aggregator company within just over a year of joining.

Bansal joined Ola Cabs in January last year after a 17-year stint at Infosys, including four years as the Chief Financial Officer.Bansal joined Ola Cabs in January last year after a 17-year stint at Infosys, including four years as the Chief Financial Officer.

Ola Cabs Chief Financial Officer Rajiv Bansal, who is in news for being in the eye of high corporate governance drama unfolding at technology firm Infosys, has quit the homegrown taxi aggregator company within just over a year of joining. He will be replaced by Pallav Singh.

Bansal joined Ola Cabs in January last year, replacing Mitesh Shah, after a 17-year stint at Infosys, including four years as the Chief Financial Officer of India’s second-largest information technology company.

Bansal is one of the three executives whose high salaries and severance packages have created a turmoil at Infosys, with three founders – N R Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani writing to the board last month expressing their concerns over corporate governance.

Bansal’s severance package by Infosys amounted to Rs 17.38 crore, equalling his 24 month’s pay, Infosys said in a statement last year. For the year ending March 2015, his salary package of $770,858 at Infosys was next only to the Chief Operating Officer U B Pravin Rao and Chief Executive Officer Vishal Sikka.

ET Now reported that Bansal’s severance payment has now come under the board scanner in the latest development.

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Infosys Ltd’s three founders, in their letter to the board had raised questions over the quantum of salary hike given to the Chief Executive Officer Vishal Sikka and the size of the severance packages given to Bansal and former General Counsel David Kennedy.

On its part, Infosys said that it had already addressed concerns about executive pay, and that “all decisions have been made bona fide in the overall interest of the company” and that full disclosures had already been made.

While the company board is reported be in alignment with Sikka in their views, the three founders, who together have just about 13% shareholding in the company, had suggested that former board members like T V Mohandas Pai, V Balakrishnan and Marty Subramanian be brought back as directors in order to foster ‘Infosys values’.

Infosys board is learnt to be evaluating a proposal to induct the company’s current Chief Financial Officer M D Ranganath. M D Ranganath’s proposed elevation to the boardroom is understood to have approval from the promoter group, and is being seen as a move to strengthen Infosys culture on the board.

 

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