Infosys sees another top level exit as EVP Richard Lobo quits firm

Infosys executive vice president Richard Lobo has stepped down from his post after serving 22 years at the company.

“This is to inform that Richard Lobo, Executive Vice President and Senior Management Personnel, has resigned from the services of the company,” said the Bengaluru-based firm in an exchange filing Friday.

His last day with the company would be August 31, the filing said.

The development comes weeks after the company announced the appointment of Sushanth Tharappan to the role of heading human resources replacing Richard Lobo who held the position for over six years. Lobo had been internally moved to be a part of a special team reporting directly under chief executive Salil Parekh, ET reported last month quoting a source.

Tharappan, senior vice president at the Bengaluru-based IT major has been heading the Infosys Leadership Institute initiative for four years. The initiative offers a variety of leadership training programs, seminars and workshops for team development and it also addresses succession planning.

“I’m grateful to the opportunities and experiences I have had during my time,” Lobo said in his resignation mail attached with the filing.

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This is at least the fourth top level exit the IT major is facing in the last 12 months. Previously, presidents Ravi Kumar and Mohit Joshi quit the firm to take up chief executive roles at rivals Cognizant and Tech Mahindra, respectively. In July, Infosys’ chief information and security officer (CISO) and cybersecurity head Vishal Salvi joined Pune-headquartered software firm Quick Heal Technologies as its chief executive officer after serving seven years at his former employer.

For the first quarter of FY24, Infosys posted a nearly 11% increase in first-quarter net profit, but missed analyst estimates and slashed its revenue growth outlook for the fiscal year to 1-3.5% from 4-7%.

This will be its lowest revenue expansion in a decade as the company blamed it on spending cuts and delays in decision-making by clients.

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