Ashok Vemuri quits Infosys
Bangalore: The exodus of top management continues at Infosys with board member and Head of Americas business Ashok Vemuri quitting the country's second largest software firm.
Vemuri, who is also the Global Head of Manufacturing and Engineering Services, has been with Infosys for 15 years.
"Ashok Vemuri, Member of the Board, has decided to leave Infosys. We would like to thank him for his significant contributions to Infosys in different leadership roles during his career and wish him the very best," Infosys said in a statement.
Vemuri played a significant role in building the city- headquartered company's market leadership in the Financial Services and Manufacturing verticals and in North America.
His next destination was not disclosed.
The development comes amid an organisational restructuring that co-founder and chairman NR Narayana Murthy is now overseeing after he returned to revive the sagging fortunes of the company in June.
Murthy constituted an executive council, a high-level body that frames its business strategy. It includes the executive board, current EC members, heads of key business units and strategic business enabler units. Vemuri was also a part of the executive council.
Infosys said the transition plan is in place and Sanjay Jalona will take over as the Global Head of Manufacturing at the company. He is currently serving as the Regional Head for Manufacturing in North America.
Last week, Infosys Vice President and financial services head for the Americas Sudhir Chaturvedi put in his papers. He has joined smaller rival NIIT Technologies as the Chief Operating Officer.
Like other Indian IT firms, the North American market accounts for a major portion of Infosys' revenues. For the quarter ended June 2013, revenues from this market stood at Rs 11,267 crore (61.4 percent).
In July, former global sales head of Infosys, Basab Pradhan, announced his decision to resign.
Shaji Farooq, who was serving as senior vice-president and head of financial services for the Americas and had been with Infosys for a decade, quit last year to join Wipro.
Once considered the industry bellwether with its quarterly and annual guidance, Infosys is now struggling to keep pace with the rest of the industry. It has not only stopped the practise of issuing quarterly forecast, it expects to grow only 8-10 percent for 2013-14, way below 12-14 percent growth industry body Nasscom has forecast.
The company is also battling visa-related cases in the US.