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Infosys President S Ravi Kumar quits a day before quarterly results

Infosys President S Ravi Kumar quits a day before quarterly results

Infosys President S Ravi Kumar quits a day before quarterly results
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By Hormaz Fatakia  Oct 12, 2022 10:19:54 AM IST (Published)

Infosys will also consider the proposal of a share buyback during its board meeting.

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Ravi Kumar S, President of Information Technology bellwether Infosys Ltd., resigned from his post effective Tuesday, the company said in an exchange filing.
Infosys disclosed this information in a single-line press note without specifying the reasons behind his exit. The note said that the board of directors acknowledged his services to the company.
Kumar joined Infosys in 2002 as Senior Vice President and Global Head of Oracle Practice & Head of the Hyderabad Development Center. He has held various positions in his two-decade stint with the company and has been its President since January 2016.
Kumar calls his journey at Infosys an "incredible story of building and managing multi-billion dollar business units, creating successful new services and bringing together large teams," according to his LinkedIn profile.
The resignation comes just a day ahead of the company announcing its September quarter results. The company is also scheduled to consider a buyback of shares at its board meeting along with its quarterly results on Thursday.
Morgan Stanley has called Kumar's sudden exit a negative surprise for the stock, although they do not expect any disruption in business momentum due to this development. The brokerage also says that the role is important, whether it is filled internally or externally.
The firm also expects the company's potential buyback to lend some support to the stock in a volatile macroeconomic backdrop.
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