Another high-profile exit from Infosys as Narayana Murthy’s 'blue-eyed boy' V Balakrishnan quits
- Target Uttar Pradesh: Modi goes to Varanasi, Rajnath to Lucknow
- SC stays death penalty of two Delhi gang-rape convicts till March 31
- MH370 continued flying for 6 hours, could have gone towards Kazakhstan or south of Indian Ocean: Malaysian PM
- AICC spokesman lashes out against PM's silence and negative publicity
- Court imposes fine of Rs 2,500 each on Arvind Kejriwal, Manish Sisodia
Infosys saw one more high-profile exit on Friday, with V Balakrishnan, board member and former CFO, quitting the company, reports fe Bureau in Bangalore. The announcement was surprising since Balakrishnan was widely tipped to be the next chief executive. For Balakrishnan, considered Murthy's "blue-eyed boy", the veteran's return was seen as a big opportunity to move up. In fact, many were expecting that he would one day step into the corner office at Infosys. However, several sources indicated that Bala's departure had not been smooth and that the development was related to succession planning.
Sources said that while Murthy was keen to offer Bala a larger role, perhaps that of the chief operating officer or president, this was apparently objected to by certain board members. The Bangalore-headquartered firm has seen a string of top-level exits since June after NR Narayana Murthy returned as executive chairman.
Several analysts have, however, upgraded the Infosys stock after the $7-billion player turned in a reasonably good set of numbers for the second quarter. The stock has run up sharply and commands a market capitalisation of over Rs 2 lakh crore.
Balakrishnan was playing a key role in the company even after stepping down as CFO.
He was given additional responsibilities of heading key verticals such as utilities and resources in North America, the firm's largest market.
Talking to FE, Balakrishnan said, "I have been thinking about it ever since I gave up the role of CFO. I would now like to work with young entrepreneurs and will launch a new private equity fund that invests in the technology space."
The new fund, to be called Exfinity, will have a corpus of Rs 100-125 crore. Other members of the fund include TV Mohandas Pai, former board member of Infosys, Girish Paranjpe, former joint CEO of Wipro and Deepak Ghaisas, former i-Flex Solutions CEO.
- Sale of sarees in ‘NaMo boxes’ banned in Pilibhit
- Curfew in Valley after youth’s death in police firing, probe ordered
- Kejriwal attacks Modi, his ‘growth’ model
- Mulayam blames central schemes for graft at village level
- UK to bring alive role of Indian soldiers
- Shalimar Mall owner held for duping resident
- BJP projected to sweep Gujarat, Rajasthan, Karnataka; Congress to get big jolt in Maharashtra
- Editors body slams Arvind Kejriwal for ‘irresponsible’ media remark, says it is a sign of ‘weakness’
- Trouble in alliance with Congress, TRS turns to BJP
- Minority panel removed my riot report against Modi: Ex-Secy