Bala to step down as Infosys CFO, is he running for top job?

To a pointed question whether Balakrishnan is being tipped to be the CEO, Shibulal told CNBC-TV18 that is for the appointment committee to take a decision.

FP Staff October 12, 2012 10:56:46 IST
Bala to step down as Infosys CFO, is he running for top job?

India's second-largest software services provider Infosys on Friday said that its Chief Financial Officer V Balakrishnan has resigned from his post, although he will continue to remain on the board of directors.

In August, the Economic Times reported that C V Balakrishnan best suited to be the next CEO. To a pointed question whether Balakrishnan is being tipped to be the CEO, Shibulal told CNBC-TV18 that is for the appointment committee to take a decision.

Rajiv Bansal, currently the Vice-President Finance will take over as the new CFO from November, while Balakrishnan will headthree businesses namely BPO, Finacle and the India Business Unit.

The company's CEO S Shibulal, meanwhile said that the incoming CFO is being groomed for the role for a while .

Bala to step down as Infosys CFO is he running for top job

Balakrishnan and Shibhulal. AFP

Kris Gopalakrishnan, Executive Co-chairman of Infosys, said: "Bala is one of the finest CFOs in the country. He has led his team in setting up new standards in financial reporting, corporate governance and compliance. A top performer, he successfully managed a high quality financial model which has withstood the pressure of the current economic downturn. Given his belief that younger people should get strategic opportunities to shape this company, he has voluntarily given up his CFO position".

Infosys,, has reported Rs 9,860 crore in sales and Rs 2,370 crore in net profit for the fiscal second quarter ending September 2012. The company kept its dollar revenue guidance for FY13 unchanged at 5 percent as the e Lodestone acquisition was not factored in.

The company has also declared a wage hike for its staff. Infosys CEO, SD Shibulal made the announcement after the company declared its earnings. Infosys added 2,610 employees in the second quarter and increased its utilisation rate to 69.6%, compared with 67.2% in the previous quarter.

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