Infosys CEO addresses fears of attrition, senior-level exits

Parekh is looking to enhance leadership through external hires in account management


In an attempt to quell fears about rising attrition and several senior exits at Infosys, CEO Salil Parekh reached out to investors last week, according to a news report.

Infosys has of late, seen several senior executives exit, the most recent one being chief financial officer MD Ranganath. Attrition at India’s second largest firm also rose to 20.6 percent in the most recently reported quarter, compared with 16.6 in the previous quarter.

Parekh is looking to enhance leadership through external hires in account management, large deals team and select digital competencies along with looking at ways to rein in attrition, the Mint reported Kotak Institutional Equities analysts Kawaljeet Saluja and Jaykumar Doshi as saying in a note, after a meeting with Parekh.

This is expected to be driven by interventions including timely wage revisions, more promotions and better employee engagement, the business daily reported.

Another analyst, Viju George of JP Morgan Chase said they received "reassuring messages" from the meeting with Parekh about attrition and senior level exits, the Mint report said.

Ranganath, who worked with Infosys for nearly two decades, suddenly stepped down last month. Earlier in the year, Nitesh Banga, the head of manufacturing, Rajesh Krishnamurthy, the top boss of the consulting business and healthcare business head Sangita Singh stepped down.

Parekh took charge in January this year, after the tumultuous exit of his predecessor Vishal Sikka, who fell out with co-founder NR Narayana Murthy over corporate governance issues.

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