New Delhi: Following the exodus of top level executives, country's second largest software exporter Infosys today restructured its business under two divisions that will be headed by B.G. Srinivas and U.B. Pravin Rao, possible contenders for the CEO's post after S.D. Shibulal retires.
The company will dissolve its top decision-making body, the Executive Council, with effect from April 1, 2014.
Srinivas will be responsible for verticals including financial services, insurance, manufacturing, engineering services, energy and communications, Infosys Public Services, Infosys Lodestone, strategic global sourcing, marketing and alliances, the company said in a statement.
Retail, consumer packaged goods and logistics, life sciences, resources and utilities, services, growth markets, cloud and mobility, quality and productivity and Infosys Leadership Institute will now be headed by Rao, it added.
Both the Presidents will report to Infosys CEO and Managing Director S D Shibulal.
Shares of Infosys, which rose by over 50 per cent since June, gained 2.6 per cent today to close at Rs 3565.45 on BSE.
Over the last one year, Infosys has seen steady exits at senior level. Board member and BPO business head V Balakrishnan was the latest casualty. He put in papers last month.
Another board member and Head of Americas business Ashok Vemuri, who was considered to be a top contender for the CEO position after Shibulal's retirement, quit the firm to join iGate as CEO.
Other exits included Vice President and financial services head (Americas) Sudhir Chaturvedi, sales head Basab Pradhan and Senior vice-president and head of financial services (Americas) Shaji Farooq.
Sources suggest that most of these changes are part of an organisational restructuring that co-founder and chairman NR Narayana Murthy is now overseeing after he returned from retirement to revive the sagging fortunes of the firm in June.
He also brought along his son Rohan Murty as Executive Assistant. Murthy had constituted the executive council, a high-level body that frames its business strategy. It included the executive board, current EC members, heads of key business units and strategic business enabler units.
Srinivas will also focus on global markets, while Rao will focus on global delivery and service innovation, it said.
"These changes will further enhance our focus on deepening client relationships, increasing market share, creating service differentiation through innovation and agility in execution," Shibulal said.
It is also learnt that Srinivas and Rao are now being groomed to take over the top job when Shibulal retires in 2015.
