Infosys President BG Srinivas resigns

In another high-level exit, BG Srinivas, President and  board member at IT firm Infosys resigned on Wednesday.

India's third-largest software services firm by revenues said in a release to the BSE that B. G. Srinivas, President and Member of the Board has conveyed his intention to resign from the services of the company.

The Board has accepted his resignation and has decided to relieve Srinivas from his responsibilities effective June 10, 2014.

Srinivas was appointed President at the board of the company on January 3, 2014. Earlier, Srinivas was heading financial services business at the company.

BG, as Srinivas is known in the company, was deemed to be a frontrunner for the CEO role. He was said to be favoured by President and CEO SD Shibulal.

The announcement came after market hours. The Infosys stock closed 1.22 per cent higher at Rs 3172.20 on the BSE.