BackInfosys BPO sacks CFO; CEO resigns
Firm says CFO Abraham Mathews has been removed for failing to comply with the code of conduct, CEO Gautam Thakkar has resigned on moral grounds
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Bengaluru: Infosys BPO Ltd, the business process outsourcing unit of Infosys Ltd, said on Tuesday it has removed its chief financial officer for failing to comply with its code of conduct, and that its chief executive was resigning on moral grounds.
The departures of chief executive officer (CEO) Gautam Thakkar and chief financial officer (CFO) Abraham Mathews are the latest senior executive exits at Infosys, which has lost most of its top officers in the past 18 months.
Mathews was removed due to certain financial irregularities and a failure of a part of his fiduciary duties, which were discovered by the management about two to three weeks ago, a person familiar with the matter said on condition of anonymity.
CEO Thakkar quit taking “moral responsibility", as he was responsible for the overall business and governance of the BPO, the person said.
Anup Uppadhayay will be replacing Thakkar, while Deepak Bhalla will be replacing Mathews.
Infosys BPO said Mathews, who has been with the company for nine years, has been removed for not complying with its code of conduct.
“This departure is in keeping with the company’s goal of setting the highest standards of corporate governance," the company said in a statement.
Uppadhayay, who joined Infosys in 1993, most recently was senior vice-president and global head of delivery for financial services.
The management change comes at a time when Infosys chief executive Vishal Sikka is attempting to rebuild the fortunes of the company, boost revenue growth and reconstitute it as sector bellwether.
Since Sikka’s appointment in June, he has been trying to stabilize the top management with a mix of old and new leaders. He has hired multiple former executives from SAP, from where he joined Infosys to restore the company’s fortunes.
For the year ended March, Infosys BPO generated revenues of ₹ 2,323 crore, up 27% from the previous fiscal year. The unit accounts for roughly 5% of Infosys’s overall business.
Infosys BPO, set up in April 2002, focuses on integrated end-to-end outsourcing and delivers benefits to its clients through reduced costs, productivity improvements and process re-engineering.
The departures come as a shock as it seemed that Sikka had stemmed the exodus of senior employees, said a headhunter who works with Infosys, speaking on condition of anonymity.
Last year, Infosys lost most of its senior executives including president B.G. Srinivas, Americas head Ashok Vemuri and India business head V. Balakrishnan.
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