Mohandas Pai quits Infosys board

Bangalore: In a first big setback to Infosys Technologies, the company announced that Mohandas Pai, the Member of Board of the company has decided to resign. After the resignation of Nandan Nikelani, this is the second biggest exit of a senior member from the company.

In a filing to the National Stock Exchange the company said that T V MohandasPai, has decided to relinquish the position of Member of the Board and has requested the Board to relieve him of the responsibilities after the company's annual general meeting on June 11, 2011. The Board of Directors considered and accepted the resignation of Pai. The resignation is effective June 11,2011, post the company's annual general meeting.
The Members of the Board placed on record their deep sense of appreciation for the services rendered by Pai during his tenure as the Member of the Board, Chief Financial Officer of the Company and then as the Director in-charge of the Human Resources Department.
N R Narayana Murthy, Chairman and Chief Mentor said: "Mohan has been an early adopter and akeen anchor builder of Infosys. It is difficult to imagine Infosys without Mohan's passion, commitment, joie-de-vivre and intellect. We all know that he is taking this painful decision, since he has much bigger projects in the horizon-nation building. The Board and every Infoscion thank Mohandas Pai for his wonderful contribution and wish him great success in his future endeavors."
Pai joined Infosys in 1994 and has served as a Member of the Board since May 2000. He was the Chief Financial Officer from 1994 to 2006. In 2006, he voluntarily demitted the office of CFO to lead efforts in the areas of Human Resources and Education and Research.
As the CFO, he played a strategic role in transforming Infosys into one of the world's most respected and widely known software services companies. He formulated the country's first publicly articulated financial policy for the company. He played a key role in branding the company among the investor community and enhancing transparency and disclosure levels. The Infosys Annual Report, under his supervision, has won the top awards consistently from the Institute of Chartered Accountants and from the South Asian Federation of Accountants.
Pai though not a part of the founder members has been an integral part of the Infosys team that enabled the first listing of an India-registered company on NASDAQ and the first sponsored secondary offering of American Depositary Shares by an Indian company.
Infosys also appointed former Microsoft India head Ravi Venkatesan as its Additional Board of Director.