Infosys on Monday informed the stock exchanges about key managerial changes in the organisation. According to a filing, the company said that Rajiv Bansal who is the Chief Financial Officer of the company stepped down as the CFO and key managerial personnel effective October 12, 2015 (end of business hours) and resigned from the services of the company effective December 31, 2015.
The Board of Directors of the Company in its meeting also appointed Ranganath D. Mavinakere, as the new Chief Financial Officer and Key Managerial Personnel effective October 12, 2015.
Infosys had appointed Rajiv Bansal as the CFO from November 1, 2012 following the movement of the then CFO V Balakrishnan, to Infosys BPO, Finacle and India Business.
Mr Mavinakere, is presently the EVP and head of strategic operations and CEO’s office. He is associated with the company for over 15 years and is responsible for strategic planning, risk management, mergers & acquisitions and corporate marketing. From January 2008 to July 2013, he was the Chief Risk Officer (CRO).
Further the company also said, the Board approved the 2015 Incentive Compensation Plan, amending the existing 2011 RSU Plan.
“The 2011 RSU plan has been amended in accordance with the SEBI (share based employee benefits) regulations, 2014 and will be issued as the 2015 Incentive Compensation Plan. The grants made under the 2011 RSU plan will continue to be administered and implemented by the 2015 Incentive Compensation Plan. The 2015 Incentive Compensation Plan will be subject to the approval of shareholders,” Infosys said in its filing.
The Board further approved the issuance of new shares, so as not to cumulatively exceed 2% of the shares outstanding, in order to support grants made over time under the 2015 Incentive Compensation Plan.