An alumni of the Bangalore University, Rao holds a bachelor’s degree in Electrical Engineering
"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.
In addition to his current responsibility of heading the global delivery organisation, Ravikumar S will oversee certain strategic business enabling functions and will be based in India.
The city-based firm has also inducted founder and CEO of Surya Software Systems D N Prahlad as an independent director on its Board, effective October 14, 2016.
Speaking at the Citi India Investor Conference, Infosys COO U B Pravin Rao said the company would face volatility over the next few quarters, due to weaker spending from these sectors.
"Initial estimate of potential impact for us because of increased visa costs was about 0.3 percent impact on the margins. But over the last couple of days, we have got clarification that the increased costs apply on new visas and not for amendments and transfers," Infosys President and COO U B Pravin Rao said.
In October, the company had forecast its revenues for the ongoing fiscal to be 10-12 percent in constant currency. Infosys CFO M D Ranganath said the company will continue to focus on enhancing operational efficiency through multiple levers in the coming quarters.
Attrition rate at India's second largest IT services firm had hit a record high of 19.5 percent for the April-June quarter this fiscal up from 18.7 percent in the previous quarter and 16.9 percent in the same period last year.
India's second largest IT services exporter Infosys' consolidated net profit rose 19.4 percent, higher-than-expected, quarter-on-quarter to Rs 2,875 crore in the quarter ended December 2013.
Analysts believe the full year dollar revenue guidance (FY14) is the key to watch out for. According to them, if the company does not increase the guidance then the stock may see knee-jerk reaction.
The country‘s second-largest software exporter has restructured its business under two divisions which will be headed by B G Srinivas and U B Pravin Rao.