In a dramatic turn of events on Tuesday, IT major Infosys showed the door to Abraham Mathews, the chief financial officer (CFO) of its BPO subsidiary, for not complying with its “code of conduct”, while Chief Executive Officer (CEO) Gautam Thakkar resigned on moral grounds.
The company appointed Amit Uppadhayay CEO and managing director (MD) of the firm, replacing Thakkar. Deepak Bhalla has been appointed new CFO. Even though no explanation was given for the exits, industry sources speculated a number of reasons, including financial irregularities.
Infosys stated in a filing on BSE: “The board of Infosys BPO Ltd announced the separation of Abraham Mathews, its CFO, from the services of the company for not complying with its code of conduct.
“Gautam Thakkar, the current CEO, has submitted his resignation to the company effective November 30, 2014, taking responsibility on moral grounds and will be assisting Uppadhayay in this transition,” it added.
According to Infosys, the departures are in keeping with the company's goal of setting the highest standards of corporate governance and adhering to the letter and spirit of the company's code of conduct.
Commenting on the new appointment, Infosys CEO and MD Vishal Sikka said, “I am very confident that under the leadership of Anup and Deepak, our BPO practice will become an exemplar on how business processes should be run.” Bhalla joined Infosys in 1998 and last served as the associate vice-president and head of Corporate Accounting Group.
Uppadhayay joined Infosys in 1993 and has held various senior management positions. He last served as senior vice-president and global head of Delivery for Financial Services, said the filing.
The company appointed Amit Uppadhayay CEO and managing director (MD) of the firm, replacing Thakkar. Deepak Bhalla has been appointed new CFO. Even though no explanation was given for the exits, industry sources speculated a number of reasons, including financial irregularities.
Infosys stated in a filing on BSE: “The board of Infosys BPO Ltd announced the separation of Abraham Mathews, its CFO, from the services of the company for not complying with its code of conduct.
“Gautam Thakkar, the current CEO, has submitted his resignation to the company effective November 30, 2014, taking responsibility on moral grounds and will be assisting Uppadhayay in this transition,” it added.
According to Infosys, the departures are in keeping with the company's goal of setting the highest standards of corporate governance and adhering to the letter and spirit of the company's code of conduct.
Commenting on the new appointment, Infosys CEO and MD Vishal Sikka said, “I am very confident that under the leadership of Anup and Deepak, our BPO practice will become an exemplar on how business processes should be run.” Bhalla joined Infosys in 1998 and last served as the associate vice-president and head of Corporate Accounting Group.
Uppadhayay joined Infosys in 1993 and has held various senior management positions. He last served as senior vice-president and global head of Delivery for Financial Services, said the filing.
