There have been some rumours about two to three weeks ago that he may look at a startup of his own and he may be talking to a couple of fund companies as well for that. However there is no confirmation on that as well.
IT-major Infosys has now seen the ninth high profile exit as Chandrashekar Kakal, the senior vice president and member of Infosys' executive council, has resigned from the company with effect from April 18.
Before BG Srinivas and Pravin Rao were elevated as presidents of the company, there were talks about Kakal being one of the prospective contenders for the post of the chief executive officer.
This is because Kakal was gradually increasing in terms of his concentration across verticals. He started with application and testing, moved on to infrastructure development services, consulting and marketing. Infact, after V Balakrishnan had quit, Kakal had taken over a majority of his portfolios as well.
Now what has happened is that when Pravin Rao came in he almost got around 95 percent of the delivery capabilities that Infosys has, which was largely being taken care of by Kakal. Sources say that, that could be the reason why Kakal was put on the backseat or felt that he was put on a backseat and hence decided to exit the company.
There have been some rumours about two to three weeks ago that he may look at a startup of his own and he may be talking to a couple of fund companies as well for that. However there is no confirmation on that as well.
This is definitely a setback, but in the analyst concall that Narayana Murthy had with Barclays, he suggested that there could be some more exits around the corner . Analysts have been saying that the flab of the company is being cut off now. So, people who were prospectively hoping to get a larger position, who were hoping to get the post of a CEO or CEO designate going forward, would possibly be disappointed.
Hence, it makes sense for them to exit the company so that the two new leaders who have come- Pravin Rao and BG Srinivas- can take care of the operations as a whole and rejig. There is a lot of rejig happening at this time and Infosys cannot essentially handle too much of baggage. So, that could be possibly what Murthy was hinting at one week ago.
Infosys stock price
On March 20, 2014, Infosys closed at Rs 3303.00, up Rs 31.45, or 0.96 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2190.00.
The company's trailing 12-month (TTM) EPS was at Rs 142.80 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 23.13. The latest book value of the company is Rs 627.95 per share. At current value, the price-to-book value of the company is 5.26.
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