25 May 2024

Ebeesinfo

By: Pritam Chattopadhyay

Infosys

Infosys Reshuffles HR Leadership, Faces Market Valuation Decline as FY24 Growth Forecast Released

Read about: Infosys Reshuffles HR Leadership, and a loss of 73,000 crores is being faced by Infosys.

The head of Human Resources (HR) at Infosys, Richard Lobo, will be replaced by Sushanth Tharappan, a prominent executive, in a recent reshuffle of the executive team. Sushanth Tharappan, who has been leading Infosys’ leadership institute since 2019, will now assume the role of HR head. Richard Lobo, who has held the position since 2015, will be joining a special projects team led by CEO Salil Parekh.

Infosys Reshuffles HR Leadership

Sushanth Tharappan, an alumnus of St Aloysius College in Mangaluru, brings extensive experience to his new role. He has held various positions at Infosys, including global head for talent acquisition, head of HR for Products, Platforms, and Solutions, and Chief People Officer at Edgeverve. His LinkedIn profile highlights his accomplishments and his educational background, which includes a BSc degree from St Aloysius College and an MBA from Mangalore University.

Responsibility for succession planning and executive development at Infosys will be taken on by Sushanth Tharappan after the reshuffle.With his long association with the company since 2000, Tharappan has made significant contributions in various capacities.

Infosys Reshuffles HR Leadership

Richard Lobo, who has been with Infosys for over 22 years, will now be part of the special projects team under CEO Salil Parekh.Lobo, who holds a background in mechanical engineering from the Manipal Institute of Technology, is an alumnus of Xavier’s Institute of Management in Bengaluru.

The writer wishes Sushanth Tharappan well in his new role and extends best wishes for his future endeavors.

Tharappan has accumulated more than 20 years of experience within the Infosys Group. Previously, he served as the chief people officer at Edgeverve Systems, the company’s automation arm. His educational background includes a BSc degree from St. Aloysius and an MBA from Mangalore University.

The announcement of Infosys’ first-quarter results for the fiscal year 2024 on July 20 has been communicated to the stock exchanges by the company. A revenue growth forecast of 4-7% for FY24, which represents the slowest expansion in six years, has been made. During the annual general meeting, Nandan Nilekani, the chairman of the IT major, expressed confidence in the company’s ability to grow based on the foundation it has established. He also highlighted the achievement of securing 95 large deals worth $9.8 billion in the previous fiscal year. CEO Salil Parekh acknowledged the evolving demand environment in light of the global economy and the slowdown in GDP rates.

Infosys Reshuffles HR Leadership

The largest decline was suffered by Infosys, while Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, and ICICI Bank were among the other companies that saw a decrease in their valuation. Only ITC and State Bank of India witnessed an increase in their market valuation.

Infosys’ market valuation reached Rs 5,09,215 crore after plummeting by Rs 66,854.05 crore. This decline was a result of lower-than-expected growth in fourth-quarter net profit and a weak revenue growth guidance of 4-7% for the fiscal year 2024, which was attributed to IT budget tightening by clients following the turmoil in the US banking sector.

HDFC Bank’s valuation fell by Rs 10,880.5 crore to Rs 9,33,937.35 crore, while ICICI Bank’s valuation dropped by Rs 10,462.77 crore to Rs 6,17,477.46 crore.Market capitalization of TCS declined by Rs 10,318.52 crore, resulting in a total of Rs 11,56,863.98 crore.

Market valuation of Hindustan Unilever decreased by Rs 8,458.53 crore, bringing it to a total of Rs 5,86,927.90 crore, while HDFC’s valuation dropped by Rs 5,172.27 crore to Rs 5,06,264.24 crore.

Infosys Reshuffles HR Leadership

Reliance Industries’ market valuation reached Rs 15,89,169.49 crore after a decrease of Rs 4,566.52 crore, while Bharti Airtel’s valuation dipped by Rs 780.62 crore to Rs 4,26,635.46 crore.Conversely, ITC experienced an increase in valuation by Rs 15,907.86 crore, reaching a total of Rs 5,07,373.82 crore, while the market valuation of State Bank of India climbed by Rs 8,746.11 crore to Rs 4,84,561.80 crore.

The most valued company remained Reliance Industries, followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, HDFC, State Bank of India, and Bharti Airtel, in that order.

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