"The present Infosys' Board has let down its founders and lost credibility to continue. Its members should be replaced with new people," Balakrishnan said on Wednesday, two days after the company justified giving Rao a 70 per cent wage hike even after cofounder N.R. Narayana Murthy opposed it in private.
The loss-burdened e-commerce major's co-founders Kunal Bahl and Rohit Bansal admitted to 'errors in execution' amid plans to axe 500-600 employees starting next week.
Broking firm Geofin Comtrade today said it has appointed Vinodkumar Balakrishnan as its managing director and chief executive officer.
Kaar Technologies to expand to Europe & Western markets
Away from earnings, the last 12 months have seen technology behemoth Infosys undergo a sea change, largely for the better. It is not just the business strategy and performance or but the fact that employees can wear casuals to work on a Saturday.
On the dimension of personal probity, there is Honest Arvind. He speaks the language of clean government and politics with the purpose of serving the people. But there is also an Arvind who seems to lack deeper honesty.
Balakrishnan says he joined the party online and rubbishes rumours of him contesting against Nandan Nilekani in the upcoming elections. Sanyal feels AAP has done a lot of homework and what the party is now putting in place is a national economic manifesto.
Announcing Balakrishnan's exit on December 20 as member of the Board and from services of the Company, Infosys had said the resignation is effective December 31, 2013. Balakrishnan, who joined Infosys in 1991 and later became its chief financial officer, was said to be a top contender to the post of Chief Executive Officer.
Chairman Narayana Murthy has said that there is a strong management structure in place and younger talent will be given chance to grow. Addressing concerns he said, “Balakrishnan exit unfortunate but we have to move on. There is no issue around management structure and journey ahead will be exciting. Infosys is at a precipice of change.â€
Top management exodus at Infosys continues as V Balakrishnan, director, resigned to start his own private equity firm. This is the eight top level exit at Infosys since June. Balakrishnan told CNBC-TV18 that his exit has nothing to do with Narayana Murthy's return.
Infosys shares trimmed early losses caused by the cut in FY13 guidance, after the management clarified that the dollar guidance of 5% did not include numbers from the recently acquired Lodestone.
IT bellwether Infosys expects its operating margin to move in a band of 50 to 100 basis points for the fiscal year ending March, Chief Financial Officer V Balakrishnan said on Thursday.