Information technology and software services provider Infosys Limited’s president and board member B G Srinivas has stepped down from his position, according to a stock market disclosure. This is the 10th high-profile exit from the company in the last one year.
Srinivas was one of the candidates who was being evaluated to succeed S D Shibulal, co-founder and CEO of the country's second largest software services firm. His resignation is effective June 10, 2014.
In the statement, N R Narayana Murthy, executive chairman said, “B G Srinivas has been an integral part of Infosys and has played an important role in the company’s growth. The board and every Infoscion thanks B G Srinivas for his wonderful contribution and wish him great success in his future endeavours.”
Srinivas received a total compensation of $1.3 million (Rs 7.8 crore), including a salary of $844,453, bonus and incentives of $281,415 and other compensation of $154,143 in fiscal 2013-14, making him the company’s highest paid executive during the last fiscal.
Infosys has witnessed nine top-level exits since co-founder Narayana Murthy returned to the company in June last year to steer back the fortune of the firm which has been facing severe competition from players like Cognizant Technologies.
Most recently, senior vice-president of the company Chandrashekar Kakal resigned from his position.
The other recent top-level exits include those of Infosys director V Balakrishnan, who was the head of Infosys BPO, Finacle and India Business Unit and also served as chairman of Infosys Lodestone; global head of Manufacturing & Engineering Services and chief of Infosys’ American operations Ashok Vemuri; global sales head Basab Pradhan; financial services head Sudhir Chaturvedi and Infosys labs head Subrahmanyam Goparaju, among others.