Infosys Says No Decision Yet on New CEO, Search Still On

Infosys, India's second largest software services firm, on Saturday said it is yet to take a decision on its next chief executive and managing director and that the search process is still on.

The remark from the Bangalore-based company comes in the wake of reports suggesting that Infosys' search for the new CEO, who would succeed S D Shibulal, is in final rounds.

"The company's search for its new Chief Executive Officer and Managing Director continues and no decision has been taken in this regard as of date," Infosys said in a statement.

(Also read: Infy CEO selection process on track: Murthy)

It further clarified that "reports or rumours" are merely speculations at this point.

"Once the search is completed, the company will issue a formal notification on the new appointee."

Mr Shibulal, the last of the co-founders to serve as CEO, is set to retire on January 9 next year.

Infosys has appointed Development Dimensions International (DDI), a company specialising in corporate executive evaluations, and Egon Zehnder, an executive search firm, to assist the nominations committee in identifying internal and external candidates, respectively.

Even as the search continues, Infosys has seen a spate of senior level exits to add to the woes of the company.

Board members BG Srinivas, V Balakrishnan and Ashok Vemuri, who were considered top contenders for the CEO post, were among the 10 high profile exits that Infosys has seen since the return of co-founder NR Narayana Murthy to the helm of affairs.

(See: Who is hiring Infosys' top executives?)

Mr Murthy was called back from retirement in June last year to head the firm, once considered an IT bellwether, and put it back on a high-growth trajectory at a time when peers like Tata Consultancy Services (TCS) and HCL Tech were outperforming Infosys.