In what comes as a major setback to Infosys Technologies, board member TV Mohandas Pai has resigned, the company said in its press release while announcing the fourth quarter earnings. Pai has requested the board to relieve him after the company's AGM on June 11.
"We all know that he is taking this painful decision, since he has much bigger projects in the horizon—nation building," NR Narayana Murthy chairman and chief mentor of the company said in the release.
"Mohan has been an early adopter and a keen anchor builder of Infosys. It is difficult to imagine Infosys without Mohan’s passion, commitment, joie-de-vivre and intellect," Murthy said.
Mohan joined Infosys in 1994 and has served as a member of the board since May 2000. He was the chief financial officer from 1994 to 2006. In 2006, he voluntarily demitted the office of CFO to lead efforts in the areas of human resources and education and research.
After Nanadan Nikelani's resignation, this is the second biggest exit of a senior member from the company. Add to this K Dinesh, one of the founder members and a member of the board, who has chosen to retire. He was head of quality, information systems and the communication design group.
India's second largest IT services exporter Infosys reported a 2.15% growth in its fourth quarter net profit at Rs 1,818 crore versus Rs 1,779.8 crore in Q4FY10. Its standalone revenues came in at Rs 6,668 crore. A CNBC-TV18 poll saw net profit at Rs 1856 crore and revenue at Rs 7447 crore.
The board of directors will meet on April 30, 2011 to finalise on the new chairman post Murthy's retirement in August 2011.
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