Infosys CEO contender Srinivas quits; 10th top-level exit

Infosys Board Member and President B G Srinivas, who was considered among the top contenders for the first non-founder CEO post, has in a surprise move resigned from the company.
This is the tenth top-level exit from the Bangalore-based company since the return of co-founder NR Narayana Murthy at the helm of affairs in June last year.
Neither Srinivas nor the firm gave reasons for the sudden move, which outsiders like former Infosys CFO V Balakrishnan felt was because he may have lost out in the race for the top job.
Srinivas, who was Infosys' highest-paid executive (annual compensation of Rs 7.52 crore in 2013-14 fiscal), led key portfolios like financial services, manufacturing and public services. His resignation will be effective June 10.

Infosys in a statement said: "The Board of Directors placed on record their deep sense of appreciation for the services rendered by BG Srinivas during his tenure as Member of the Board and for his contribution to the company."
Balakrishnan -- who himself was considered a candidate while serving his tenure at Infosys -- told PTI: "I think, he (Srinivas) would have resigned as he might have come to know that he is no more in the race for CEO."

Despite repeated attempts, no response could be elicited from Srinivas on Balakrishnan's comment.
Srinivas and U B Pravin Rao, both Presidents and Board Members, were considered to be among the top contenders for the job of CEO when S D Shibhulal retires by January 9, 2015.

With the exit of Srinivas', the chances of an outsider taking over as the CEO of the over USD 8 billion company have brightened.
Srinivas, who joined Infosys in 1999, was elevated to the post of President earlier this year in January.
Murthy, who returned as executive chairman, has been making a series of changes at Infosys, including cutting costs at on-site work locations and shifting focus to large deals.
On Srivinas' exit, Murthy said: "Srinivas has been an integral part of Infosys and has played an important role in the company's growth.