The Hindu Business Line : Pai to step down as CFO; Balakrishnan in

After serving for 12 years as chief financial officer (CFO) of Infosys Technologies, Mr T.V. Mohandas Pai will give up his position from April 30, but will continue to be a member of the board.

Mr V. Balakrishnan, currently Company Secretary and Senior Vice-President - Finance, would take over as CFO from May 1, Infosys said on Friday. Mr Pai would also be responsible for Human Resources Development (HRD), Education and Research (E&R) and Administration.

Describing Mr Pai as one of the finest finance professionals in the country, the Infosys Chairman and Chief Mentor, Mr N.R. Narayana Murthy, said the CFO had given up his position voluntarily in keeping with his belief that "younger people should get strategic opportunities early enough to shape the company and have their day in the sun".

"As we continue to scale up, the major challenges for Infosys will be in the HRD and E&R areas. I am glad we have Mohan handling these critical functions," Mr Murthy said at a press conference.

Infosys, which is 50,000 strong as of March 31, 2006, expects to add 25,000 more during fiscal 2007.

Pai's portfolio

Mr Pai was responsible for several pioneering initiatives in finance at Infosys, including its Nasdaq listings. "He has led his team in setting new standards in financial reporting, corporate governance and compliance," Mr Murthy said.

Further, he said that he would like to see Mr Pai as an independent director of a different firm as "we want him to experience the role of an additional director''.

Infy's rules permit its executive directors to be on the board of another company. Mr Murthy, himself, apart from being the chairman of Infosys, is on the board of a media firm.

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