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.
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 .
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.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Infosys board member V Balakrishnan has sold 1 lakh company shares held by his two daughters on November 6 and 7 through open market transactions (November 7) for Rs 33.05 crore, , according to a regulatory filing on the Bombay Stock Exchange.<br /><br />
Infosys says 'will comply' with arbitration award to pay former chief financial officer Rajiv Bansal
Infosys had lost the arbitration over the severance package to Rajiv Bansal and had been asked to pay outstanding amount of Rs 12.17 crore with interest.