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Infosys rejigs board as director Balakrishnan quits

Bangalore, Dec 20 : Indian IT bellwether Infosys Ltd Friday announced changes in its board following the sudden resignation of its senior director V. Balakrishnan.


In a rejig of its board, the company's nominations and governance committee appointed Biocon Ltd chairperson Kiran Mazumdar-Shaw as an independent director and company's executive council member U.B. Pravin Rao as a full-time director.

Pravin Rao is also the company's senior vice-president and global head of its retail, consumer packaged goods, logistics and life sciences business.

"Balakrishnan has conveyed his intention to resign as a board and from the company. His resignation will be effective Dec 31, 2013," the global software major said in a statement here.

During his long tenure as a board member, he was the company's chief financial officer and was subsequently in-charge of its back-office operations - Infosys BPO (business process outsourcing), Lodestone, Finacle, India business unit and global immigration.

LodestoneAHolding AG is a leading Switzerland-based management consulting business Infosys acquired in Sept 2012 for $349 million and Finacle is the company's flagship software product for the banking, financial services and insurance (BFSI) vertical.

"Bala (Balakrishnan) has been an early adopter and a keen anchor-builder of Infosys. It is difficult to imagine Infosys without his passion, commitment, and intellect. The board and every Infoscion thank Bala for his contribution and wish him success in his endeavors," Infosys co-founder and chief executive N.R. Narayana Murthy said in the statement.

The board also appreciated services rendered by Balakrishnan during his tenure as its member.

"I have enjoyed every moment of my stint at Infosys and it was a great learning experience. While my heart will always be with Infosys, my mind wants to do something beyond Infosys," Balakrishnan said after putting in his papers.

Company's chief executive S.D. Shibulal said Balakrishnan had played a pivotal role in building the finance function during his two decades of association and had been a key driver behind all of its achievements in areas of investor relations and corporate governance.

"Over the last few years, Bala has also provided leadership to BPO, Finacle, India business unit, global immigration and recently to Lodestone," he said.

Mazumdar-Shaw, who has been named among TIME magazine's 100 most influential people in the world, did pioneering work in biotechnology.

"Kiran is a well-recognised and respected corporate leader. She will bring immense value to the board. I am honoured to welcome her to our board," Murthy said.

The board will approve the appointment of the two new directors at its quarterly meeting Jan 10.

--IANS (Posted on 20-12-2013)

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