BENGALURU: Infosys‘ chief compliance officer and general counsel David Kennedy has quit, a sudden departure that immediately led to speculation about whether it had something to do with the controversy around the severance agreement with former CFO Rajiv Bansal.
Infosys denied any connection, but did not provide any reasons for Kennedy’s exit. The company will pay Kennedy a severance of $868,250 (Rs 6 crore) over a 12-month period. In response to TOI’s query whether Kennedy’s departure was linked to Bansal’s exit 15 months ago, the company said there is no correlation. It said that it has already issued a detailed statement to address all media speculation regarding payment to Bansal.
But some analysts were not convinced. “The abruptness around Kennedy’s exit is completely astounding and investors have a right to know why a key management personnel has been let go over a holiday season without any notice. Infosys hasn’t divulged the reason for paying a huge severance,” said Shriram Subramanian, MD of proxy advisory firm In-Govern Research Services.
Infosys had said that there was no impropriety of any nature related to Bansal’s exit and some part of his severance money was suspended due to pending clarifications. The company had also said that Bansal’s payment was suspended not on account of any extraneous considerations
Bansal exited the firm with an initial Rs 17.38-crore severance payout that was halted by the firm after it paid two instalments.