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BANGALORE: <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> president BG Srinivas is highlighting growth and opportunities in Europe, a region he used to head, while the company searches within and outside for its first non founder chief executive. 
 
Srinivas, who was made one of the two presidents of Infosys in January with responsibility for most client-facing functions, was especially bullish about Nordic countries where he said the company may look at acquisition targets. And in Europe as a whole the aim is to increase revenue contribution to 30% from 25% now. 
 Within a decade, revenue from Europe has increased nearly tenfold to $2 billion, far higher than for <keyword id="818790" type="UNKNOWN" weightage="40" keywordseo="the-rest">the rest</keyword> of Infosys, he said, talking up his ability to drive growth in key markets and industry verticals. A 15-year veteran of Infosys, he has been head of Europe since 2004, the year the company crossed the $1-billion revenue milestone. "Very few companies have created that kind of growth story in Europe. 
 
It didn’t happen because of sheer chance," he said. "Our consulting-led business in Europe is far ahead of Infosys." 
 Srinivas, 53, said Infosys’s next acquisition could be similar to Lodestone, the Zurich-based management consultancy firm it bought in 2012 for $350 million. "We may look at something like a Lodestone in Nordics," he said, referring to a region that comprises Denmark, Finland, Iceland, Norway and <keyword id="23050" type="COUNTRY" weightage="40" keywordseo="Sweden">Sweden</keyword>. 
 
A board member since 2011, Srinivas was made president along with UB Pravin Rao who has been given oversight of most delivery functions. 
 
Many analysts and industry executives believe that Srinivas is a strong contender to succeed SD Shibulal as the first non-founder CEO of Infosys because of his experience in winning large outsourcing contracts. 
 Every key vertical has a fullfledged <keyword id="162356" type="POSITION" weightage="40" keywordseo="senior-manager">senior manager</keyword> focussing only on Europe, Srinivas said, and structurally Europe has been aligned as a separate market. In France and Germany the company has been presenting a local face as well as domain expertise, with sales and consulting teams working closely. 
 
One of the ways to grow Infosys revenue, he said, is to expand the company’s local presence in non-English-speaking European markets, especially the Nordics and Benelux (Belgium, Netherlands, Luxembourg), where it plans to appoint a regional head and local sales team over the next six months. 
 
Another plan is to grow sales from the products, platforms and solutions (PPS) unit that Infosys plans to make into a separate subsidiary after shareholders approve the plan at the next annual general body meeting. "We will definitely focus on accelerating PPS growth rate far higher than rest of Infosys so its percentage contribution to Infosys will increase," he said.

Infosys May Eye Acquisitions In Nordic Countries, Says President BG Srinivas

IT giant <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> witnessed yet another high-profile exit as the company’s president <keyword id="675707" type="ORGANIZATION" weightage="80" keywordseo="BG-Srinivas">BG Srinivas</keyword> has stepped down on May 28. His resignation will be effective from June 10. 
 
The exit of Srinivas follows those of nine other top executives of the company since 2013. This is also the fourth board-level resignation. 
 
Interestingly, Srinivas was one of the contenders for the CEO’s post. The resignation has raised eyebrows and increased speculation over whether the nominations committee had chosen to overlook his candidature. 
 His decision also hints at a possibility of an external CEO or even an outside chance of the return of co-founder <keyword id="44604" type="PERSON" weightage="60" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword>. 
 The resignation also raises questions on executive chairman NR <keyword id="6355623" type="PERSON" weightage="60" keywordseo="Narayana-Murthy">Narayana Murthy</keyword>’s turnaround strategy since he came back in June last year. 
 
According to Mohandas Pai, a former Infosys board member, Narayana Murthy has failed in his leadership and he should explain what vision he has for the company. 
 Ankita Somani, research analyst at MSFL (a Mumbai-based brokerage house), also said that top management exits could be a cause of concern for the <keyword id="747109" type="UNKNOWN" weightage="80" keywordseo="IT-bellwether">IT bellwether</keyword>. 
 
As Srinivas built Infosys’ European business, which contributes 24.4% of its revenue, there are concerns around how clients will be managed, added Somani. 
 
Infosys, however, maintains that the exit of one individual does not have a big impact.

Infosys Witnesses Another High-profile Exit;
CEO-hopeful BG Srinivas Quits

<keyword id="620162" type="PERSON" weightage="100" keywordseo="Prasad-Thrikutam">Prasad Thrikutam</keyword>, former executive council member of <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>, was taken on board by <keyword id="28251" type="CITY" weightage="100" keywordseo="Dell">Dell</keyword> after he decided to end his near-two-decade engagement with the Bangalore-based software giant. This underlines how IT companies are benefitting from Infosys' inability to retain talent. 
 
Thrikutam has been made president and global head of application services at Dell, the company said in a statement released on June 5. 
 He joined the exodus of at least a dozen of senior executives who had walked out of Infosys since <keyword id="51793" type="ORGANIZATION" weightage="100" keywordseo="NR-Narayana-Murthy">NR Narayana Murthy</keyword> returned as executive chairman of the IT firm last June. 
 
Prasad, in his new role, will report to Suresh Vaswani, the president of Dell Services. 
 
"I am excited about being part of this journey and working with Dell's talent team to help drive its strategy," said Prasad. Analysts believe that attrition among senior and mid-managerial ranks at Infosys is restraining the company from competing with its rivals, including <keyword id="6357150" type="CITY" weightage="100" keywordseo="TCS">TCS</keyword> and <keyword id="28721" type="CITY" weightage="100" keywordseo="Cognizant">Cognizant</keyword>. 
(Image: The Times of India)

​Dell Hires Former Infosys Honcho Prasad Thrikutam

N Chandrasekaran, chief executive of the IT major <keyword id="6357585" type="CITY" weightage="100" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (TCS) , received Rs 18.7 crore as salary in FY2013-14. He is probably the highest paid CEO of an Indian IT firm. His compensation does not include dividends that he received from the 88,528 shares he owns in the company. 
 Chandrasekaran's remuneration is more than double the amount of former <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> president <keyword id="675707" type="ORGANIZATION" weightage="80" keywordseo="BG-Srinivas">BG Srinivas</keyword> who received Rs 7.8 crore during the same period. <keyword id="10862" type="CITY" weightage="80" keywordseo="Wipro">Wipro</keyword> chairman <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword>'s compensation was Rs 10.2 crore in FY2013-14. 
 
The steep increase in Chandrasekaran's compensation reflects the company's healthy performance, surpassing the industry growth of about 13%. TCS's revenue grew 16.2% to $13.4 billion and its net income increased 22.9% to $3.1 billion.

TCS CEO’s Pay Grew 60% in 2013-14

A year ago, when <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> brought back iconic co-founder <keyword id="51793" type="ORGANIZATION" weightage="100" keywordseo="NR-Narayana-Murthy">NR Narayana Murthy</keyword> as executive chairman, about two years after his retirement, in a bid to revive the sagging fortunes of the $8.2-billion <keyword id="2283995" type="UNKNOWN" weightage="100" keywordseo="IT-behemoth">IT behemoth</keyword>, the decision was welcomed with much fanfare. 
 <keyword id="6359051" type="COMPANY" weightage="100" keywordseo="investors">Investors</keyword>, who showed confidence when Murthy announced a three-year turnaround plan, are worried today. In the months following Murthy's return, Infosys saw exits of some of its top executives. Among others, the company saw resignations of board members <keyword id="376348" type="PERSON" weightage="80" keywordseo="Ashok-Vemuri">Ashok Vemuri</keyword>, V Balakrishnan and, more recently, <keyword id="675707" type="ORGANIZATION" weightage="100" keywordseo="BG-Srinivas">BG Srinivas</keyword>. 
 
The three were once seen as top contenders to become the CEO of Infosys after incumbent SD Shibulal’s retirement by January next year. These exits, analysts believe, affected Infosys’ business. SD Shibulal, the chief executive officer and managing director of Infosys, will step down by January next year. 
 
Anil Singhvi, a Shareholder activist, said BG Srinivas' exit had jolted investors. Srinivas, the latest to exit, was president of the company and a man who many saw as the leading contender for the CEO position. 
 
"Whatever Murthy may say in his letters (assuring employees and investors), there is much to be desired in Infosys. In the last three to four months, the company's stock price has dropped from the Rs 3,500 levels to Rs 2,900. The way the markets have been reacting to the Modi factor, one should have seen the Infosys stock price at the Rs 4,000 level," Singhvi said. 
 
He said the genesis of what's happening now is the re-entry of Murthy. "Bringing his son along with him was Murthy's biggest mistake. Many investors at that time were apprehensive but didn't speak out. People in the management who were in the company for 10 to 15 years have quit. At the end of the day, what is the difference between the Gandhi family and the promoters of Infosys? How long do the promoters want to sit at the helm of the company?" he asked. 
 
Shriram Subramanian, founder and MD of independent proxy advisory and governance research firm InGovern, said the departure of several top executives, especially during the CEO selection process, was a concern. 
 
Investors are worried about leadership development and succession planning, he said, and added that several FIIs and one large Indian institutional investor, who he declined to name, had raised concerns about the CEO selection process. 
 
Subramanian also said the promoters should opt out of executive and non-executive roles and should not even be on the board. Such a step will at least make the company a truly widely-held company with no promoter on its board, he added. 
 
Infosys is one of the few, if not the only Indian listed company, where FIIs hold a 42.1% stake and domestic institutional investors hold 13.66% stake. The promoter group holds only 15.94% and retail investors hold 28.3%. 
The Annual General Meeting of Infosys, which is scheduled to be held on June 14, will reveal whether the management will say anything about these concerns of the investors.

Infosys Investors Lose Confidence In Murthy After Exodus Of Top Executives

BANGALORE: <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> executive chairman NR Narayana Murthy said the selection process for the new <keyword id="5645" type="POSITION" weightage="60" keywordseo="CEO">CEO</keyword> is progressing as planned and the name of the candidate would be announced when the process concludes. 
 
“The selection process for the new leader is progressing as planned. The new CEO will be announced at the conclusion of the process. While the search is on, Infosys Board, Shibu, Kris and myself will continue to steer the company in the direction we have set. I assure the best of Infosys is yet to come,” he said in an email sent to employees on Friday. 
 The communication comes at a time when the management is making every effort to reassure employees and clients a smooth leadership transition as it is in the midst of identifying its <keyword id="270305" type="POSITION" weightage="40" keywordseo="first-non-founder-CEO">first non-founder CEO</keyword>. “Further to my previous email, as we embark into newer horizon for our employees and clients, we will see some transition in leadership. Please be assured that the leadership change takes into account the best interest of the company as a whole,” he wrote in the email. The communication is seen as an attempt to quell uncertainties around its leadership challenges after eleven senior executives quit Infosys since Murthy returned to the company in June last year. 
 
Murthy has also recognized BG Srinivas’s contribution in growing the company. “ I hold BG in high esteem and I support his aspirations. His last day will be June 10, 2014,” Murthy said. He also said the BG Srinivas is an integral part of the company and has played an important role in the second-largest IT firm. 
 
Srinivas, who quit Infosys on Wednesday, was appointed as the group managing director and executive director of Hong Kong-based telecom and media giant PCCW effective July 14. He will be entitled to a basic salary of approximately US$1.14 million (equivalent to approximately HK$8.84 million) per year, plus a housing allowance and a non-discretionary annual bonus of $1,80,000 (equivalent to approximately HK$1.4 million).

Infosys CEO Selection Progressing As Planned: Narayana Murthy

Bangalore-based IT firm <keyword id="10862" type="CITY" weightage="80" keywordseo="Wipro">Wipro</keyword> Ltd’s chairman <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword> and CEO <keyword id="534477" type="UNKNOWN" weightage="80" keywordseo="TK-Kurien">TK Kurien</keyword> received hefty raises in spite of the company lagging in growth during FY 2013-14. 
 
According to the former IT bellwether’s regulatory filling made on May 19 to the US Security and Exchange Commission, billionaire chairman Azim Premji's annual compensation, which includes salary and benefits, more than doubled to $1.71 million in fiscal 2012-2013, up from $733,827 in fiscal 2012-2013. 
 
Premji's pay doubled mainly on account of a boost in variable pay component. He also received an additional 0.3% commission, calculated on the firm's incremental net profits over the previous year. 
 
Wipro CEO TK Kurien's salary for the first time crossed the million-dollar mark. His compensation grew to $1.1 million by the end of March this year, from $888,228 in fiscal year 2012-2013. 
 
This reward to Kurien, who took over the job in 2011, is also a sign that the IT company continued to back his turnaround plans. 
 The reward given to Kurien comes days after <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> gave a good compensation to president BG Srinivas with a pay package of $1.28 million. Srinivas is widely seen as a top contender to become the company CEO after <keyword id="385878" type="ORGANIZATION" weightage="80" keywordseo="SD-Shibulal">SD Shibulal</keyword> expressed his desire to step down in March 2015. 
 
The annual salaries of Premji and Kurien, however, do not include their dividend earnings from shareholding in Wipro.

Wipro’s Premji, Kurien Get Hefty Salary Hike

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> revenue growth is expected to be flat in the first quarter (April-June) and it is likely to maintain its full year revenue growth of 7-9% when it announces the results on Friday. 
 
Steady growth in the US and the UK — which together account for more than three-quarters of the revenues of India's second-largest software exporter — should help Infosys see its top line increase 2% to reach $2.1 billion, as per analysts’ estimates. However, operating margin may decline 200-250 basis points sequentially due to wage increases and rupee depreciation. 
 The company had reported 25.5% operating margin during the March 2014 quarter. "We expect top line increases 2.3% quarter-on-quarter (7.5% year-on-year) to $2.14 billion and EPS at $0.76, roughly in line with consensus," said analysts James E Friedman and Xin Joey Yang at <keyword id="655308" type="ORGANIZATION" weightage="100" keywordseo="Susquehanna-International-Group">Susquehanna International Group</keyword>, a Philadelphia-based quantitative trading firm. 
 
“For the first quarter, we expect the operating margin to drop 220 basis points quarter-on-quarter to 23% from last quarter, but roughly flat year-on-year. Seasonal wage hikes and rupee appreciation may offset the benefits of cost rationalisation and improved utilisation," the analysts wrote in a July 8 note to investors. 
 According to some experts, it will be important to see how Infosys manages the transition with the appointment of <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>, its first non-founder chief executive, who takes over the incumbent SD Shibulal from August 1. 
 
"Both BG Srinivas (one of the two presidents of Infosys who used to oversee most client-facing functions) and Prasad (Prasad Thrikutam, former head of strategic sales and alliances) were client-facing executives. What impact would this have and what is the company doing to retain talent as clients start taking note remains to be seen," said an analyst at a Mumbai-based brokerage.

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