Infosys on Friday announced the resignation of Director V Balakrishnan, widely considered one among the two contenders for the chief executive officer’s chair after S D Shibulal retires in 2015.
Balakrishnan, earlier the chief financial officer at the Bangalore-based company, was also heading Infosys BPO, Finacle and the India business unit. He was the chairman of Infosys Lodestone. His resignation would be effective December 31.
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This is the eighth top-level exit at India’s second largest information technology (IT) services company since the return of co-founder N R Narayana Murthy, now executive chairman, in June. Murthy, brought back to help Infosys arrest a declining market share and slowing growth, has been making several significant changes, speculated to be one reason for the exits.
At 1007hrs, the stock was trading at Rs 3515.60, down Rs 36.80 or 1.04% at the Bombay Stock Exchange (BSE) Monday. Total traded volumes at both the bourses stood at 176,307. The stock touched a high of Rs 3538.20 and a low of Rs 3495.85 during the day on BSE.