File photo of Nithyanandan Radhakrishnan
Infosys chief compliance officer Nithyanandan Radhakrishnan has quit, making him the tenth top-level executive to leave the company since co-founder Narayana Murthy returned to the helm in June last year.
The IT major in a filing to the US Securities and Exchange Commission (SEC) said that its board appointed Parvatheesam Kanchinadam as chief compliance officer on April 15.
Infosys is grappling with high attrition level as compared to its peers. In the quarter ended March 31, Infosys reported an attrition rate of 18.7 per cent.
(Read: Staff exodus a worry after Q4 net beats estimates: Infosys)
This is "more than we are comfortable with", chief executive S D Shibulal told a briefing after the company reported its quarterly numbers.
Mr Shibulal said the company was trying to retain its staff through pay increases, promotions and other incentives.
(Read: Infosys gives 6-7 per cent wage hike to staff)
Several senior-level executives including Ashok Vemuri, V Balakrishnan, Basab Pradhan and Stephen Pratt have left Infosys since executive chairman Mr Murthy has undertaken an organisational overhaul to revive its fortunes. Many of them were seen as possible successors to Mr Shibulal, who earlier this month said he would like to retire early next year.
The company, once a bellwether for the IT outsourcing industry, has been underperforming its rivals in recent years.
(Read: Infosys to hire from top US universities)
Mr Murthy has vowed to boost growth and in a recent analyst meet reaffirmed that Infosys is on track to fulfill its aspiration of becoming "the most desirable company" as promised by him last year.
He, however, reiterated that the process of rebuilding Infosys will take three years.
Infosys, India's second largest software services firm, on Tuesday forecast dollar revenue growth between 7 and 9 per cent this fiscal year, in line with expectations. (Read more)
Last fiscal year (2013-14), its revenue grew 11.5 per cent.
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