Bala, also the Chief Financial Officer of the firm, said his departure was a “personal decision” and that he had been “thinking (about his exit) for the last one year”.
“It is time for me to do something outside of Infosys. While my heart will always be with Infosys my mind wants to do something beyond Infosys,” he said.
Bala, along with financial services business head BG Srinivas, was seen as a close contender for Infosys’s chief executive after current CEO Shibulal steps down in 2015.
“Bala is one of the best CFO talents in the country and I am surprised at his exit from the company,” said Mohandas Pai, a former Infosys board member and HR head who quit the company in 2011.
In his new innings Bala will team up with Pai to start a venture fund that will invest in budding IT firms. The fund has a corpus of around Rs. 125 crore and is awaiting approval from Sebi. “Bala has been an early adopter and a keen anchor-builder of Infosys. It is difficult to imagine Infosys without Bala’s passion, commitment, and intellect. The Board and every Infoscion thank Bala for his wonderful contribution and wish him great success in his future endeavors.” Narayana Murthy said in a statement.
Infosys also announced the induction of Kiran Mazumdar-Shaw as an independent member on the company’s board. UB Pravin Rao was inducted as a whole-time director. (Agencies)