Infosys BPO terminates CFO Abraham Mathews, CEO resigned

Infosys has sacked Abraham Mathews, the CFO of its BPO business, for not complying with its code of conduct.
Following the issue, Infosys BPO CEO Gautam Thakkar has resigned effective from 30 November, taking responsibility on moral grounds, the Bengaluru-based Infosys said in a press release on 18 November.

Gautam Thakkar, who has been with Infosys BPO since 2000 and was appointed CEO in January last year, will assist the new CEO Anup Uppadhayay during the transition stage.

The departure of Mathews, who was the CFO of Infosys BPO from 2003, is in keeping with Infosys’ goal of setting the highest standards of corporate governance and adhering to the letter and spirit of the company’s code of conduct, Infosys said.

Vishal Sikka, chief executive officer and managing director of Infosys, said: “BPO is of fundamental and strategic importance to our company. Our endeavor is to transform BPO with process innovation, automation and artificial intelligence to deliver exceptional efficiency and business value to our clients.”

Infosys CEO Vishal Sikka

Media reports say that the issue involved overbilling in some contracts. Following complaints by an internal source, the company auditors found out the employee responsible for the racket and sacked him. The CFO was asked to go for poor financial control.

Infosys BPO posted revenue of Rs 3,278 crore and net profit of Rs 578 crore in fiscal 2013-14. It has nearly 30,000 employees.

In 2009-10, Wipro discovered a similar case involving Rs 18 crore. An assistant manager in a division of the finance department was the culprit in the case of Wipro.

Infosys said the new CEO of BPO business will be Anup Uppadhayay, while Deepak Bhalla will be its new CFO.

Uppadhayay joined Infosys in 1993 and was SVP and global head of delivery for financial services. Bhalla joined Infosys in 1998 and recently served as associate VP and head of corporate accounting group.

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