Pai to give up position as Infosys CFO

TV Mohandas Pai will give up his position as CFO from April 30 this year, but will continue to be a member of the Board.

In a senior management change, software major Infosys said on Friday that TV Mohandas Pai will give up his position as CFO from April 30 this year, but will continue to be a member of the Board.

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Pai would be responsible for Human Resources Development (HRD), Education and Research (E&R) and Administration, the company said, while also announcing that V Balakrishnan, currently senior Vice-President, Finance and Company Secretary, would take over as CFO from May one, 2006.

In keeping with his belief that younger people should get strategic opportunities early enough to shape the company, Pai had voluntarily given up his CFO position, Infosys Chairman and Chief Mentor N R Narayana Murthy was quoted as saying.

"As we continue to scale up, the major challenges for Infosys will be in the HRD and EandR areas. I am glad we have Mohan handling these critical functions", Murthy said.

Hailing the contributions of Pai, Murthy said he was one of the "finest finance professionals" of the country, who was been responsible for several pioneering initiatives in finance at Infosys, including the NASDAQ listings. "He has led his team in setting new standards in financial reporting, corporate governance and compliance."