Infosys on Friday announced the constitution of a new team in place of the executive council, which will be disbanded from April 1. In a notice to the US SEC, the company said: “As reported previously by the company, the executive council will be dissolved effective April 1, 2014. Pursuant to this, effective April 1, 2014, the company will have nine executive officers.”
The officers are: NR Narayana Murthy (founder, executive chairman of the board), S Gopalakrishnan (co-founder, executive vice-chairman), SD Shibulal (co-founder, CEO and MD), Srinath Batni (member of the board), Pravin Rao (president and member of the board) and BG Srinivas (president and member of the board), Rajiv Bansal (chief financial officer), Parvatheesam K (chief risk officer and company secretary) and Srikantan Moorthy (senior vice-president, group head, human resource development).
The latest development is another round of management restructuring announced by Infosys. In October last year, the company had announced the expansion of the executive council, taking the total members' tally to 30, but in January this year, it said this would be disbanded.
In the new structure of nine executive officers, there will be more vacancies as Batni will retire by November while Shibulal and Gopalakrishnan will leave by April 2015 as they attain the age of 60.
Murthy, during a recent analyst call, had said the company will have a new CEO by March 2015 when Shibulal will complete his term.
Infosys has already created two presidents' post in January this year, with the appointment of Srinivas and Rao. The move is widely seen as the start of a race between the two for the corner office.
Srinivas was always seen as a frontrunner for the CEO’s post; while a string of recent top-level exits from Infosys catapulted Rao, a senior vice-president, to the fore. The IT major had said during this announcement that the respective presidents would have their own teams.Srinivas, head of Europe and financial services and insurance verticals, will focus on global markets, while Rao, global head of retail, consumer packaged goods, logistics and life sciences, will lead global delivery and service innovation.
Infosys has had a string of senior level executive exits over the last nine months ever since Murthy came back as executive chairman. The latest exit was Chandrashekar Kakal, senior vice president and member of the executive council.
Infosys under Murthy is undergoing a three-year revival growth strategy, which is focused on lowering its