Infosys’s highest-paid executive Stephen Pratt resigns2 min read . Updated: 19 Nov 2013, 12:59 AM IST
Pratt's exit comes on the heels of the departure of former Americas head Ashok Vemuri, who left Infosys in Sep
Bangalore: Stephen Pratt, the highest-paid executive at Infosys Ltd, has resigned from India’s second largest software exporter, marking the fourth top exit at the Bangalore-based firm in the last five months amid a massive organizational shake-up being undertaken by chairman and co-founder N.R. Narayana Murthy.
His resignation will be effective 31 January, the company said in a statement.
Pratt’s exit comes on the heels of the departure of former Americas head Ashok Vemuri, who left Infosys in September to join smaller rival iGate Corp. Other recent top exits at Infosys include those of US head of financial services Sudhir Chaturvedi and global sales head Basab Pradhan who left in July.
Alexandre Elvis Rodrigues, who currently serves as regional head of energy and services in Americas, will take over from Pratt who joined the company in 2004, Infosys said.
Prior to his current role as head of Infosys’s utilities and resources business, Pratt co-founded the company’s consulting and systems integration business and was instrumental in expanding it into a $2-billion business over a decade.
“Steve has been an integral part of Infosys since 2004 and has played a key role in strengthening the company’s consulting practice. We would like to thank him for his contributions to Infosys and wish him the very best," Infosys said in a statement. The company did not give a reason for Pratt’s departure.
Pratt was the highest paid top-level executive at Infosys—excluding stock options, Pratt’s total annual salary in 2012-13 was well over $2 million, according to a regulatory filing.
Since founder Murthy returned at the helm of Infosys in June to revive the company’s sagging fortunes, he has undertaken a series of reshuffles within the company. Last month, Infosys added 12 top executives to its executive council.
Prior to that, Infosys handed more responsibilities and promoted executives such as Chandra Shekar Kakal and Finacle and India business head V. Balakrishnan, a board member who is also widely seen as a frontrunner to take over as chief executive, after co-founder S.D. Shibulal retires in early 2015. The move was also undertaken to fill the vacuum created by the departures of Vemuri and Pradhan.
Infosys also formed a team of executives, which included company veterans Ranganath D. Mavinakere, Binod Hampapur Rangadore and Nithyanandan Radhakrishnan, that would report directly to Murthy and would oversee functions such as cost optimization.
Bangalore-based rival Wipro Ltd also recently undertook a massive organizational shuffle, with former Infosys veteran Shaji Farooq being promoted to head its key banking and financial services business, after the exit of Anand Sankaran who used to head Wipro’s infrastructure management services business.
Over the last two years, both Infosys and Wipro have struggled to recapture their former glory days and have lost market share to faster growing peers Tata Consultancy Services Ltd and US-based Cognizant Technology Solutions Corp.
Infosys shares, which have risen by more than 30% since Murthy’s comeback in June, rose 1.4% to ₹ 3,400.30 on Monday on the BSE.