Software major Infosys has begun a global search for a new CEO and MD, as the incumbent, SD Shibulal, wants to leave before his term ends in January 2015.
The nomination committee of Infosys board will shortlist and evaluate internal candidates. Talent management consulting firm Development Dimensions International has been roped in to assist the process. Executive search firm Egon Zehnder will help identify external candidates, Infosys said in a statement.
"Mr Shibulal has expressed his desire to retire as the CEO and MD of the company and as a member of the Board of Directors either on the date of the last board meeting before his superannuation, January 9, 2015, or when his successor is ready to assume office, whichever date is earlier," the statement said.
HT had first reported that Shibulal might step aside before his term ends in 2015. Shibulal, a co-founder of Infosys who became CEO in April 2011, faced flak for the company's prolonged underperformance. Infosys has seen slower growth in the last two years as it lost out to peers, which forced the return of co-founder NR Narayana Murthy as executive chairman.
Many Infosys watchers expect the company to eventually zero in on BG Shrinivas, president and board member who is considered a favourite of Murthy.
"Given the size of Infosys they have to start the due process, but like Tata Group, after a global search they might find the man next door is best fit to lead," said Shriram Subramanian, founder of corporate governance research firm InGovern and former Infosys executive.
The possibility of Rohan Murty, son of chairman Narayana Murthy and executive assistant to his father, getting the top job now seems remote with the appointment of a global executive search firm.
Two other board members, Ashok Vemuri and V Balakrishnan, earlier considered CEO-probables, quit last year.