BENGALURU: InfosysBSE -0.25 % has promoted over 170 senior executives, a move that is being seen as partly an attempt to steady the ship after the churn at the top in recent times. Seven executive vice presidents (EVPs) have exited the company in the past ten months.
The promotions are at the levels of assistant vice president, vice president, senior vice president and executive vice president, what Infosys refers to as title holders. The number of promotions this year is slightly higher than that last year, when it was about 160.
Some analysts wondered why more promotions were given at a time when the company has significantly lowered its growth expectations. But others saw nothing wrong with it. “Given Infosys’ scale and growth ambitions, these promotions are justified. Investors have been disappointed with Infosys’ performance of late, but this disappointment stems primarily from overly lofty expectations rather than from poor performance,” said Rod Bourgeois, head of research in US-based DeepDive Equity Research.
Eight have been elevated to the rank of EVPs, taking the total number of EVPs to 14. These include Narasimha “Narry” Rao Manepalli, SVP and head of independent validation services who replaced Samson David as cloud, infrastructure and security head, Satish H C, SVP of data and analytics, Ritika Suri, head of large deals, Deepak Padaki, head of M&A, Richard Lobo, SVP and head HR, Jayesh Sangharajka, deputy CFO, Karmesh Vaswani, head of Europe for retail, CPG and logistics, and Koushik R N, head of procurement. The other six EVPs include infrastructure head Ramadas Kamath, Binod Rangadore Hampapur and CFO MD Ranganath.
Phil Fersht, CEO of US-based HFS Research, said there’s a concern within Infosys that the feel good factor is slipping and rewarding its senior talent will improve morale. “There is also a worry that top talent is being targeted more aggressively by some competitors during these challenging times,” he said.
Peter Bendor-Samuel, CEO of Everest Group, said Infosys has had a lot of executive turnover and this fills the gaps that have been left. “Second, they may be handing out promotions in an attempt to stem the talent loss and the hope is that a promotion will keep key talent,” he said.
Among the EVPs who quit recently are former consulting head Sanjay Purohit, former healthcare and life sciences head Manish Tandon and former BPO head Anup Upadhyaya.
A large number of the SVP promotions were given to executives who will get crucial roles following the company’s decision to split its four large industry verticals into some 15 smaller industry units, each with $500-$700 million in revenue, separate head, and profit & loss (P&L) responsibilities.