With the announcement of Infosys president and board member B.G. Srinivas resignation by June 10, 2014 the stock market of software and outsourcing conglomerate Infosys Ltd. plunged 500209.BY -7.03% on 29.05.2014 Thursday.
Infosys was one among the India’s 2nd biggest software exporter and Mr. B.G. Srinivas was one of the company’s rising star and he had full eligibility being the prime contender to turn as chief executive after Infosys’ present CEO S.D. Shibulal retires in January.
Many Investors concerned on Infosys constantly missing the executives and the appointment of succeedors takes time a lot.
But Infosys confirmed their investors not to be worried.
“We can confidently say that we are making good progress on the simple formula we have adopted for growth, including chasing more opportunities and bigger opportunities, keeping our employees engaged and motivated and fulfilling client demands,” an Infosys spokeswoman said in an emailed statement. “The recent executive exits have not come in the way of driving our business growth or in executing our delivery.”
On the other hand Infosys hiring external agencies to find fix CEO for the first time ever.
Mr. Srinivas was reporting to CEO Mr. Shibulal since January by restructuring the company and holds good accountable for over seventy percent of the company’s business with the remaining managed by U.B. Pravin Rao.
So far Infosys removed 10 executives comprsing 3 executive board members after the main founder N.R. Narayana Murthy returned in june 2013.
All those left were client-managing senior managers that hampered Infosys’ potentiality to retain and get fresh clients.