Infosys president Ravi Kumar S resigns

• Ravi Kumar S was appointed as the President in 2016 and he led the insurance, healthcare and cards and payments business before that.
• He also oversaw Infosys Business Process Management (BPM) and is chairman of the Board of Infosys BPM.
• Infosys, which will announce its Q2FY23 results on October 13 also said the board is considering a share buyback.
• The IT major is expected to report a 4% quarter-on-quarter revenue growth in constant currency for the second quarter of FY23, according to a Jefferies report.

Bengaluru based IT major Infosys informed the stock exchanges that Ravi Kumar S, president of the company has resigned, effective today.

“The Board of Directors placed on record their deep sense of appreciation for the services rendered by Ravi Kumar S for his contributions to the Company,” Infosys said in a statement.

No information was proffered in the filing on the reason for the resignation.

He was appointed as the president in 2016 and before that, he was group head of the $1 billion insurance, healthcare and cards and payments unit.

Kumar, who is based in New York, has led the Infosys global services organization across all global industry segments, driving digital transformation services, consulting services, traditional technology services, engineering services among other responsibilities.

In addition, he oversaw Infosys Business Process Management (BPM) and is chairman of the Board of Infosys BPM.

Kumar also wears many hats. As per his profile on Infosys website which was taken down on October 11, he was on the board of the US Chamber of Commerce as also on the Board of Governors of the New York Academy of Sciences in addition to being a member of the Young Presidents Organization (YPO) Manhattan Chapter, and more.

“He regularly attends the annual meeting of the World Economic Forum Davos, actively writes about digital transformation, future of work, reskilling, talent transformation in the Harvard Business Review, Knowledge@Wharton, Forbes and other top tier publications,” the profile said.

Infosys, which will announce its quarterly earnings on October 13 on Thursday, also announced yesterday that the board will discuss a proposal for a share buyback. Shares of the company today closed 2.57% lower at ₹1,425 in line with other IT sector stocks fearing recession.

“The Board of the Company will consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on October 13,” it said in an exchange filing on October 10.

Infosys is expected to report a 4% quarter-on-quarter revenue growth in constant currency for the second quarter of FY23, according to a Jefferies report. This growth will be driven by deal ramp ups and seasonal strength, the research report added.

TCS, which has already declared its results, reported a 10% growth in July-September net profit to ₹10,431 crore and 4.8% growth in revenue to ₹55,309 crore, beating street expectations. However, this has not cheered the stock exchanges as all IT sector stocks slipped into the red amid worries of demand for IT services, globally.

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