Another senior executive leaves Infosys as EVP Richard Lobo leaves the company

7 Aug 2023 , 11:56 AM

After 22 years with the company, Richard Lobo, executive vice president of Infosys, has resigned from his position.

‘This is to inform that Richard Lobo, Executive Vice President and Senior Management Personnel, has resigned from the services of the company,’ the Bengaluru-based company stated in a filing with the exchange on Friday.

The filing stated that August 31 will be his last day working for the company.

The change occurred a few weeks after the business announced Sushanth Tharappan would take over for Richard Lobo, who had served in that capacity for more than six years. 

The Infosys Leadership Institute programme has been led by Tharappan, senior vice president of the Bengaluru-based IT giant, for four years. The project provides several leadership development programmes, seminars, and workshops for team building, as well as succession planning.

Lobo expressed his gratitude for the experiences and opportunities he had while working there in the resignation letter that was filed with the paperwork.

In the past 12 months, the IT major has faced at least four top level exits. Previously, the company’s presidents Ravi Kumar and Mohit Joshi left to become the CEOs of rival companies Cognizant and Tech Mahindra, respectively.

After working for Infosys for seven years, Vishal Salvi, chief information and security officer (CISO) and cybersecurity head, joined Quick Heal Technologies, a software company with its headquarters in Pune, as its CEO in July.

Infosys reported a roughly 11% increase in net profit for the first quarter of FY24, but fell short of analyst expectations and lowered its forecast for revenue growth for the fiscal year from 4-7% to 1-3.5%.

This will be the company’s smallest sales growth in ten years. The company attributed the decline to cost cuts and customer decision-making delays.

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