Global financial crisis has created an adverse impact on the economy especially on the Indian IT industry.
2019, however, will be a bigger test as the firm continues to deal with rising attrition and margin pressure.
'Pravin Rao's commitment and contribution to the company has been immense, and his partnership over the past three years has been critical to the successes and growth of our company,' said Vishal Sikka, chief executive officer at Infosys.
Murthy will hand over his role to K V Kamath, who has been an independent director on the Infosys board since May, 2009.
Shares of IT giant Infosys erased early gains and ended with a loss of nearly one per cent on the NSE today on profit-booking after the company named former SAP executive board member Vishal Sikka as its new CEO.
Reminiscing time spent at the firm he co-created with six other friends in 1981, Infosys non-executive chairman S Gopalakrishnan said many major events in his life are linked to major milestones of Infosys.
Kris is gentle but firm, consultative yet decisive, and thoughtful yet action-oriented
Foreign investors hiked their stake in Infosys to a nine-year high of 42.10 per cent in the January-March period of 2014.
What is perhaps most fascinating is that Infosys was not the first large Indian IT company to raise its head, nor has it been the largest; but it has often shown a remarkable ability to market itself so that it has punched above its weight.
'The problem is not the performance under Vishal Sikka, but the quality of Infy's board of directors, argues Debashis Basu.
In a major top-level management restructuring, India's second largest software firm Infosys on Saturday named veteran banker K V Kamath as the new chairman to succeed founder N R Narayana Murthy, who retires in August.
Infosys has a new M&A head to enhance trust on inorganic growth.
Vishal Sikka who was made vice-chairman till his successor was appointed, also quit the board with immediate effect.
March was the first full quarter for Infosys under its new CEO Salil Parekh.
Already facing an exodus of top management, Infosys is also struggling to retain talent at mid and junior levels, with 1,823 people leaving the firm in the October-December quarter.
Infosys, as part of performance improvement programme, allows 'poor performers' to undergo training to get into shape.
Infosys added 10,997 employees (gross) in the last quarter of FY'14 and 39,985 during the fiscal to take its total headcount to 1,60,405 people.
Stamp of approval on CEO's strategy and long-term goal for the company
After his retirement from Infosys last year, Gopalakrishnan has been active in philanthropy, science and technology
Infosys President B G Srinivas will join Hong Kong-based diversified group PCCW as Group Managing Director in July, after ending his 15-year old stint with India's second largest IT services firm.
The son is not being groomed for a bigger role in the company as of now.
Company expects to be back to industry leading growth in FY17.
In yet another example by an Indian corporate to become cost-sensitive, IT bellweather Infosys Technologies is asking all its employees to go in for a one-time cost savings of $10 each. This initiative is expected to help the company, which has over 100,000 people on its rolls, to incur a cost saving of $1 million (around Rs 5 crore), which is a 'substantial amount' according to the company.
The $4.6-billion company, which had earlier made an unsuccessful bid to acquire SAP consulting firm Axon that was latter acquired by HCL, would prefer acquiring companies overseas where growing organically is a little challenge, the Bangalore-headquartered company's CEO and MD S (Kris) Gopalakrishna said.
New strategy for Infosys by October, says Nandan Nilekani. New chairman's other priorities: Hiring CEO, reviewing Panaya probe reports.
The city-based firm had witnessed exits, especially of senior level executives, in the last couple of years and one of the main tasks before Vishal Sikka when he took over as the chief executive officer last year was to check the high attrition levels.
Well-known among the Silicon Valley elite, Vishal Sikka is the first external CEO for Infy.
nfosys Managing Director and CEO S (Kris) Gopalakrishnan speaks about the company to Business Standard.
Indian IT services companies have seen several CEO changes that have, over the past few months, led to some crucial exits at the mid-senior level in a trend that is likely to continue. According to a recent Motilal Oswal report, "Movement of mid-to-senior leadership at IT services firms is a reality, partially on account of multiple CEO-level changes.
Sikka has influenced the company to break away from the old mould in more ways than one.
Infosys was the worst performer among the bluechips on both the key indices.
Credit Suisse thinks it possible for the company to narrow its forecast ('guidance') range.
"It may not affect the industry, but there would be change in the perception and image of the industry if trade unions are introduced," Gopalakrishnan told a meet-the-press programme in Bangalore.
Vishal Sikka, the new chief executive officer, is in the process of internally discussing and finalising the future course of action, chief operating officer U B Pravin Rao said on Tuesday.
Revenue rose 23.4 per cent to Rs 1,655 crore
Vishal Sikka talks about his chemistry with N R Narayana Murthy and about his plans to strengthen the leadership team.
The 19-member National Syllabus and Teaching Learning Material Committee (NSTC) will be headed by National Institute of Educational Planning and Administration (NIEPA) chancellor MC Pant and develop textbooks for classes 3 to 12.
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.
With Infosys emerging out of an uncertain phase, the new management, led by CEO & MD Salil Parekh, is trying to catch up with market leaders, with the new strategy in place.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
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