Srinivas Tipped to Join Infosys Rival

Infosys on Wednesday said its president and member of the board Srinivas had resigned.

This is the eleventh top-level exit from the Bangalore-based company since the return of co-founder N R Narayana Murthy at the helm of affairs in June last year.

"Srinivas will join as CEO and Managing Director (MD) of another listed entity. The announcement to this effect is likely to announced soon," sources in know of the development told PTI.

Srinivas, who was Infosys' highest-paid executive (annual compensation of Rs. 7.52 crore in FY14), led key portfolios like financial services, manufacturing and public services at the IT services firm.

His resignation will be effective June 10.

Srinivas was considered to be among the top contenders for the job of CEO, replacing S D Shibulal, who retires on January 9, 2015.

With the exit of Srinivas, the chances of an outsider taking over as the CEO of the over $8-billion company have brightened.

Srinivas, who joined Infosys in 1999, was elevated to the post of president earlier this year in January.

Prior to joining Infosys, Srinivas spent 14 years at power and automation technologies firm ABB, where he held several leadership positions.

He holds a degree in mechanical engineering from Bangalore University and has participated in executive programs at Wharton Business School and Indian Institute of Management, Ahmedabad.