BANGALORE - India's second largest software exporter Infosys has started looking for a new CEO, as incumbent and co-founder S.D. Shibulal wants to leave the company before retiring in March 2015 when he turns 60 years. In a dramatic announcement April 11, the IT bellwether said the board's nomination committee had begun searching for a successor to 59-year-old Shibulal,
who expressed desire to retire before retirement in March 2015 or when a successor is ready to assume office. "The nomination's committee of the board of directors has begun the search to select a successor to Shibulal, who expressed his desire to retire as the chief executive and managing director on the date of last board meeting (Jan 9, 2015) or before his superannuation (in March 2015) or when a successor is ready to assume office, whichever date is earlier," the company said in a statement.
Incidentally, the board of directors is scheduled to meet April 15 to finalise the company's accounts for fiscal 2013-14.
"The committee will short list and evaluate an internal slate of candidates with the assistance of Development Dimensions International (DDI), a company specialising in corporate executive evaluations," the statement said.
A company's spokesperson declined to comment on reasons for Shibulal wanting to quit early as "we are in a silent period before declaring financial results for fourth quarter (January-March) of fiscal 2013-14".
The global software major's twin presidents B.G. Srinivas and U.B. Pravin Rao are in race for the top post as internal candidates, as hinted by its executive chairman N.R. Narayana Murthy in January at Mysore. Srinivas and Rao, who are also on the board as directors, were elevated to the new posts of president in January and report to Shibulal. Srinivas is in-charge of global markets, while Rao looks after global delivery and service innovation.
Since Murthy returned to head the company June 1 last year, with his son Rohan Murthy as his executive assistant, nine executives, including a couple of board directors resigned for various reasons. Murthy co-founded the blue-chip company in 1981 along with N.S. Raghavan, S. Gopalakrishnan, Nandan Nilekani, Shibulal and K. Dinesh, who resigned in April 2011. (IANS)
Incidentally, the board of directors is scheduled to meet April 15 to finalise the company's accounts for fiscal 2013-14.
"The committee will short list and evaluate an internal slate of candidates with the assistance of Development Dimensions International (DDI), a company specialising in corporate executive evaluations," the statement said.
A company's spokesperson declined to comment on reasons for Shibulal wanting to quit early as "we are in a silent period before declaring financial results for fourth quarter (January-March) of fiscal 2013-14".
The global software major's twin presidents B.G. Srinivas and U.B. Pravin Rao are in race for the top post as internal candidates, as hinted by its executive chairman N.R. Narayana Murthy in January at Mysore. Srinivas and Rao, who are also on the board as directors, were elevated to the new posts of president in January and report to Shibulal. Srinivas is in-charge of global markets, while Rao looks after global delivery and service innovation.
Since Murthy returned to head the company June 1 last year, with his son Rohan Murthy as his executive assistant, nine executives, including a couple of board directors resigned for various reasons. Murthy co-founded the blue-chip company in 1981 along with N.S. Raghavan, S. Gopalakrishnan, Nandan Nilekani, Shibulal and K. Dinesh, who resigned in April 2011. (IANS)
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