 "Byju's hires Infosys veteran Richard Lobo to steer human resources function")
Edtech giant Byju’s said it has appointed veteran Infosys HR leader Richard Lobo as an exclusive advisor to help transform its human resources function. This strategic move underscores Byju’s commitment to fortify its employee-centric culture. Lobo joins Byju’s after a 23-year career at Infosys, where he held various leadership roles, most recently serving as its EVP and Head of Human Resources.
In his new role, Lobo will actively guide Byju’s management on organisational change and transformation, to create an outstanding workplace for its employees. The company said this step aligns with Byju’s tradition of prioritising its workforce, reflecting its commitment to sustainable growth and a people-oriented approach.
Byju Raveendran, founder and chief executive officer, and Divya Gokulnath, co-founder, Byju’s said that Lobo’s experience and leadership in HR will be instrumental in further enriching the work culture and ensuring that the welfare of our team members remains at the core of every decision they take. “Byju’s has been built by its people; it is an ecosystem where talent can thrive and grow,” said Raveendran and Gokulnath. “Having Richard on board reassures us that Byju’s will evolve into a best-in-class global workplace, where merit and growth flourish hand in hand.”
Byju’s said Lobo is a proven leader with deep experience in developing global talent and building a culture of success. It said that Lobo brings world-class expertise in human resources, people process, and organisational transformation, as well as demonstrated success in enabling scale.
“I’m excited to take on this pivotal role and work closely with the team at Byju’s to build on their achievements and help transform the organisation to be future-ready,” said Richard Lobo. “I look forward to working with the leadership to scale global organisational design, innovate people practices, and help strengthen the foundation of the enterprise to support its next phase of growth as a global market leader.”
Starting his journey with the Godrej group in Mumbai, Lobo joined Infosys in 2000 and played a pivotal role in its growth story. He is credited with bringing technology and analytics to the HR function as Infosys scaled to become a global leader in technology and consulting. His leadership has been instrumental in transforming the HR function at Infosys, emphasising a strong focus on people and business alignment. Lobo led the organisation through the dynamic changes in the new world of work, ensuring a seamless transition and fostering an inclusive and diverse work culture.
An active contributor to publications and a frequent speaker at industry events, Richard also advises academia on trends in business and human resources. His appointment comes at a time when Byju’s, once the most valuable edtech company, has been in the news for all the wrong reasons. These include sacking employees, alleged harsh and "abusive" work culture. These also include due diligence and corporate governance issues, the inability to file financials, legal battles with lenders, challenges in raising fresh capital, and a markdown in its valuation by investors.
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Early this year, Byju’s handed the pink slip to 900-1,000 employees in a fresh round of layoffs, according to media reports, although sources in the company said the move was part of the “optimisation” strategy that the edtech giant had announced last year that included sacking 2,500 workers. Last year, Byju’s laid off about 600 employees at its group companies — WhiteHat Jr and Toppr. It said it was a move to drive cost efficiency.
The Institute of Chartered Accountants of India (ICAI) recently scrutinised the financial disclosures of the edtech company due to a 22-month delay in the submission of its financial reports. The Ministry of Corporate Affairs has also initiated an inquiry against the company.
This scrutiny may also bring the role of the auditor under question as Byju’s has yet to file its results for 2021-22. Even the 2020-21 (FY21) results filed were delayed. According to the latest available financial report, Byju’s booked losses of Rs 4,588 crore in FY21, 19 times more than the preceding year. The firm earned Rs 2,428 crore in revenue in FY21.
In April this year, Byju’s appointed former General Electric (GE) and Vedanta executive Ajay Goel as its Chief Financial Officer (CFO). The seasoned global finance professional has been hired to strengthen the company's financial operations, long-term business strategies, and path to profitability.
On July 22, Byju’s auditor Deloitte Haskins & Sells resigned from its role as the company was delaying filing financial results. Following the auditor’s resignation, the firm’s top three investors — Prosus, Peak XV Partners, and Chang Zuckerberg Initiative — representatives also resigned. After these resignations, Byju’s chief executive officer Byju Raveendran addressed shareholders and employees on the issue.
The firm recently announced the appointment of accounting firm BDO as the company’s statutory auditor for the next five years. It also announced the formation of an Advisory Council, on July 13. Former State Bank of India chief and current chairman of BharatPe Rajnish Kumar and former chief financial officer (CFO) of Infosys Mohandas Pai have joined Byju’s BAC (Board Advisory Committee).