B G Srinivas tipped to join another IT firm as CEO & MD

B G Srinivas , Infosys' latest high profile exit, may join another IT services firm as its Chief Executive Officer (CEO) and Managing Director.

Srinivas, in a surprise move, on Wednesday resigned as Infosys Board Member and President.

This is the tenth top-level exit from the Bangalore-based company since the return of co-founder NR Narayana Murthy at the helm of affairs in June last year.

Sources in know of the development told PTI: "Srinivas will join as CEO and Managing Director (MD) of another listed entity. The announcement to this effect is likely to announced soon."

Srinivas, who was Infosys' highest-paid executive (annual compensation of Rs 7.52 crore in 2013-14 fiscal), led key portfolios like financial services, manufacturing and public services. His resignation will be effective June 10.

Srinivas was considered to be among the top contenders for the job of CEO when S D Shibulal retires on January 9, 2015.

With the exit of Srinivas, the chances of an outsider taking over as the CEO of the over $8 billion company have brightened.

Srinivas, who joined Infosys in 1999, was elevated to the post of President earlier this year in January.

Prior to joining Infosys, Srinivas spent 14 years at power and automation technologies firm ABB, where he held several leadership positions.

He holds a degree in mechanical engineering from Bangalore University and has participated in executive programs at Wharton Business School and Indian Institute of Management, Ahmedabad.