fourth quarterly results of Infosys.
"T V Mohandas Pai has decided to relinquish the position of member of the board and has requested the board to relieve him of the responsibilities after the company's annual general meeting on June 11, 2011. The Board of Directors considered and accepted the resignation of T V Mohandas Pai. The resignation is effective June 11, 2011, post the company's annual general meeting," Infosys said in its statement.
Pai served several positions during his 17 years of association at Infosys. He had been the company's chief financial officer and at present apart from being the board member, Pai was also the director in-charge of Infosys's human resources department.
"I had been thinking about this (resignation) for the last one year," Pai said and added that he would not take up an executive role at any other place but was considering to take up board level positions at a couple of companies.
"I also want to do something for the cause of better education system in the country."
Pai dismissed all talk of a rift with the senior management of Infosys that could have led to his exit. It was widely speculated that he could take up the post of chief operating officer over the next couple of months and had aspirations to become the CEO of Infosys.
"It was never my aspiration to be the CEO of Infosys," he said. He added that it is sad to leave a company that he helped build all these years but felt that the new leaders need to be empowered.
"It was time to pass on the baton."
N R Narayana Murthy, chairman and chief mentor of Infosys said in a statement, "Mohan has been an early adopter and a keen anchor builder of Infosys. It is difficult to imagine Infosys without Mohan's passion, commitment, joie-de-vivre and intellect. We all know that he is taking this painful decision, since he has much bigger projects in the horizon -nation building. The Board and every Infoscion thank Mohandas Pai for his wonderful contribution and wish him great success in his future endeavors."
Who is Mohandas Pai?
Mohan joined Infosys in 1994 and has served as a Member of the Board since May 2000.
He was the chief financial officer from 1994 to 2006.
In 2006, he voluntarily demitted the office of CFO to lead efforts in the areas of Human Resources and Education and Research.
Pai was a member of the Kelkar committee, constituted by the ministry of finance for reforming direct taxes, the Non-Resident Taxation Committee, the High Powered Committee on e-Commerce and Taxation.
He is currently a member of the board of Securities and Exchange Board of India (Sebi).
He was a member of the empowered committee for setting up the Tax Information Network of the Government of India.
He also works with the Union Government and state governments in the fields of education, IT and business.
He has been working with decision makers to improve the quality of education and availability of skilled manpower.
Mohan is also a Trustee of the International Financial Reporting Standards (IFRS) Foundation, the body that oversees the International Accounting Standards Board.
Mohan holds a bachelor's degree in commerce from St. Joseph's College of Commerce, Bangalore, and a bachelor's degree in law (LLB) from Bangalore University. He is also a fellow member of Institute of Chartered Accountants of India (ICAI).