Last week, its global head of strategic sales, marketing and alliances Prasad Thrikutam resigned from the job marking the 11th senior management executive exit from Infosys since Murthy's return.
Former finance head Bansal, who left Infosys in 2015, has gone for arbitration over severance pay
Between 2000, when Steve Ballmer became the chief executive officer of Microsoft, and now, when he has announced his retirement, the company's earnings have more than doubled and its revenues have increased over three-fold.
Describing Murthy as a business icon, T V Mohandas Pai, former CFO of Infosys, said he is more than eminently suited to hold the position of Chairman Emeritus.
New strategy for Infosys by October, says Nandan Nilekani. New chairman's other priorities: Hiring CEO, reviewing Panaya probe reports.
Revenue rose 23.4 per cent to Rs 1,655 crore
Infosys, however, feels the high level of cash is an important tool to weather tough times.
We followed the highest standard of corporate governance and disclosures, says Nilekani.
Hyderabad has possibly the best infrastructure for IT in India today, says Infosys chief financial officer T V Mohandas Pai.
Infosys on Friday posted a 3.5 per cent rise in quarterly net profit, lagging analyst estimates.
Consolidated net profit rose to Rs 3,465 crore in its fiscal third quarter to December 31.
The stock was the worst performer among the blue-chips on both Sensex and Nifty.
Infosys on Friday said it is in discussion with clients for a contingency plan to ensure business continuity in the event of the US immigration reforms bill becoming a law.
Indian IT major Wipro on Saturday announced the resignation of its CEO Thierry Delaporte and named Srinivas Pallia as the new chief executive officer effective immediately. Wipro's Board noted the resignation of Delaporte with effect from April 6, 2024, the company said in a BSE filing, and added he will be relieved from the employment of the company with effect from the close of business hours on May 31, 2024.
The Board rued that its efforts to resolve the concerns of the founders - who together own about 12.75 per cent stake in Infosys - over the course of a year through a dialogue have not been successful.
Participants are eyeing the Bihar elections.
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U B Pravin Rao explains how the company is executing the strategy.
Sources within the Congress, including those who have been members of the teams that drafted its 2019 and 2024 Lok Sabha poll manifestos, said the Karnataka government decision lacked any empirical basis.
In a breather to the troubled edtech company, the steering committee of lenders has agreed to amend a $1.2 billion term loan with Byju's by August 3, 2023, the lenders announced on Monday. Successful execution of the amendment would "immediately" solve the loan's acceleration and end all open litigation while avoiding further enforcement actions, they in a statement. An e-mail sent to Byju's did not elicit a response.
Doctors warn that overwork is leading to lifestyle diseases like diabetes and spondylitis.
His resignation comes at a time when the company ventured in acquisitions. Bala has been one of the key players in driving this inorganic growth strategy.
Top Indian IT firms, such as TCS, Infosys, and Wipro, have signalled taking aggressive cost take-out measures, including reduction in sub-contracting costs, travel expenses, freeze in salary hikes, and holding back variable payments, among others.
Analysts say IT major cleaning up act before new CEO takes over; regulator might take a year
While Infosys board gave a clean chit to the Panaya deal, Murthy stands firm on his allegations and said, 'sadly, it appears we will no longer know the truth'.
The settlement with Sebi was seen as Infosys admitting guilt of the lapse, clearing out any legal or regulatory challenges and preparing ground for new chief executive officer Salil Parekh.
The whistle-blower may strongly feel about the issues he had raised.. the regulator will follow the due legal process and decide, Balakrishnan said.
The whistle-blower's letter to Sebi said future disclosures on any wrongdoing could potentially not be exposed if Infosys is let off the hook now.
Software exporters TCS, Infosys and Wipro on Friday said they have little exposure in Dubai and do not see any adverse impact due to the emerging financial crisis there.
Infosys co-founder N R Narayana Murthy on Monday denied that he had withdrawn his concerns about governance lapses at the firm, saying the board has to address these "properly" and "full transparency should be displayed and people responsible for it should become accountable".
Infosys is likely to report strong revenue growth in the fourth quarter of FY19 on the back of momentum in the big deal space.
Murthy's charges, he said, are patently false and slanderous.
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
Infosys, for long, had been trying to strengthen its consulting practice as clients are now asking for more advisory-related work. Consulting and enterprise solution business together constitutes about 25 per cent Infosys' business today.
Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
Ex-Infosys CFO V Balakrishnan said the IT companies 'have to get employees who understand new technologies, they have to get rid of some of the employees, who are more on the legacy, and try to attract talent which is more digital'.
Over the past few months, Infosys has been battling allegations by Murthy and other former senior executives of falling corporate governance standards.
Infosys aims to achieve an aspirational goal of $20 billion in topline by 2020.
Most Indian IT firms work as system integrators for Huawei and though the exposure is very less as of now, the potential is more due to 5G roll out. As pressure to keep the Chinese firm out of the 5G network grows, other global firms, including Japan's NEC, South Korea's Samsung, Finland's Nokia and Sweden's Ericssion are increasing their investments to grab more market share in the telecom sector.
