India’s second-largest information technology (IT) services company, Infosys on Friday named nine senior officials executive officers after the top decision-making body, executive council (EC), will be dissolved on April 1.
These are executive chairman N R Narayana Murthy; executive vice-chairman S Gopalakrishnan; chief executive officer S D Shibulal; presidents B G Srinivas and Pravin Rao; board member Srinath Batni; chief financial officer Rajiv Bansal; company secretary and chief risk officer Parvatheesam K; and group head (human resource development) Srikantan Moorthy.
“As reported by the company, the executive council will be dissolved effective April 1. From then, the company will have nine executive officers,” Infosys said in a regulatory filing to the US Securities and Exchange Commission (SEC).
In January, in a surprise move, the Bangalore-based company had announced its decision to dissolve the EC — two months after adding 12 members to it.
A spokesperson said the move was “compliance-related” and roles of these employees will continue to be the same.
Analysts say the decision does not have much significance as the nine officials are the main decision-makers at Infosys. “This does not signify much because these are the people who hold power at the company; so their appointment as executive officers won’t change much for the company,” said a Mumbai-based analyst.
Notably, three of the nine newly appointed executive officers are due to retire by end-2015.
Time to dissolve
Top decision-making body, executive council, will be dissolved on April 1
Nine executive officers after it’s dissolved are:
N R Narayana Murthy, S Gopalakrishnan, S D Shibulal, B G Srinivas, Pravin Rao, Srinath Batni, Rajiv Bansal, Parvatheesam K, Srikantan Moorthy