IT services biggies Infosys has started looking for a new chief executive officer (CEO) to succeed S. D. Shibulal, who is keen to hang up his boots before his superannuation in January 2015.
Infosys has appointed Egon Zehnder, an executive search firm, to assist it in shortlisting external candidates for the job.
The nominations committee will shortlist and evaluate both internal and external candidates.
While B. G. Srinivas, the company's president, is a strong contender for the top post, it now appears that Infosys is not averse to inducting fresh talent at the top.
All four Infosys CEOs until now have been original founders of the company and several investors see this as the main problem for the IT major's loss of market share in recent years.
There has been an exodus of senior executives from Infosys following the return from retirement of co- founder N. R. Narayana Murthy in June to turn around the company after a string of disappointing results. So far, nine senior executives have left.
Infosys has the highest attrition rate among India's topthree IT outsourcing firms.
The senior management changes make Infosys "highly susceptible" to miss out on an expected pick- up in growth in India's $ 100 billion software services and outsourcing industry, said broker Ambit Capital.
Murthy has vowed to take tough decisions to boost growth and restore Infosys's fortunes over the next three years refocussing the company on winning large outsourcing contracts.
India's outsourcing sector relies on the US and European companies for about three quarters of its revenue.
Infosys is expected to post a modest 18- per cent rise in the January-March quarter net profit on Tuesday lagging Tata Consultancy Services, which is expected to post an over- 40- per cent jump in quarterly profit. Murthy said last month revenue for the current year could be at the lower end of the company's 11.5-12 per cent growth projection.
Courtesy: Mail Today
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