Infosys to roll out structure for financial services team as Mohit Joshi leaves

Infosys

Infosys will roll out a structure for the financial services team in the next few weeks and has put in place a framework for the delivery organisation, the company leadership said, following the exits of presidents Ravi Kumar S and Mohit Joshi.

The IT major lost its presidents, considered potential CEO candidates for the company after Salil Parekh’s tenure, in a short span of six months. They moved to competitors in CEO roles — Kumar as the CEO of Cognizant and Joshi as the incoming CEO of Tech Mahindra.

Infosys Chief Executive Officer Parekh said that they have put in place a structure for the delivery organisation, pertaining to Kumar’s role. The functions of Kumar, who exited the company last October, were primarily split between Sathish HC and Dinesh Rao.

Joshi headed financial services and healthcare, the software businesses, sales operations and transformation and executive responsibility for large deals.

Read: Mohit Joshi’s appointment as Tech Mahindra CEO will bring BFSI and healthcare expertise: Industry experts

“We've announced and rolled out internally a structure which is focused on delivery when Ravi left, we're now in position now roll out the structure that will be for financial services. What we see is within Infosys, we have a strong leadership team. We are fortunate that the leaders are coming from inside, and that we see more and more at the next level, there is no delayering plan within Infosys at all,” Parekh said.

“In the next few weeks, we'll roll out the new structure for our FS team. So we feel good with the leadership pool that we have within the company who are moving up to take a broader role and a larger role that they will step up and deliver what we are driving to,” Parekh told analysts.

Joshi’s tenure will officially end in June, but he has been on leave since March. He will take over as the CEO of Tech Mahindra on December 20 after the retirement of current CEO CP Gurnani.

Both Kumar and Joshi held wide-ranging roles, but analysts said that Infosys has a wide leadership bench to compensate for it. A note by Kotak Institutional Equities said that “portfolios of leaders who left Infosys to join competitors in the past have largely been handled well by their successors”.

Read: Infosys is turning out to be the new CEO factory for India Inc

ICICI Securities also did not expect disruption due to the exit of Kumar and Joshi. “Transition after Ravi Kumar’s exit in Oct 22 has been smooth. The company has a large bench of ~30-35 EVPs to take over top leadership roles as and when required and does not expect significant disruption due to leadership change,” it said in a note.

Previously too, the company has filled these roles with the help of internal appointees during previous times when senior management has left the company.

“In a few cases where it lacked sufficient competencies, such as consulting, the company has used external hires. We believe key portfolios have been handled well by internal successors,” Kotak said in a note previously.