Bangalore-based tech giant on Monday informed the exchanges that its CFO Rajiv Bansal has resigned and that Ranganath D. Mavinakere has been appointed its new Chief Financial Officer, with effect from Oct. 12. (Monday). Bansal’s services will end on Dec. 31, 2015, it added.Rajiv Bansal was its CFO since November 1, 2012 following the movement of the then CFO V Balakrishnan, to Infosys BPO, Finacle and India Business.
Further the company said the Board approved the 2015 Incentive Compensation Plan, amending the 2011 RSU Plan. “The 2011 RSU plan has been amended in accordance with the SEBI (share based employee benefits) regulations, 2014 and will be issued as the 2015 Incentive Compensation Plan. The grants made under the 2011 RSU plan will continue to be administered and implemented by the 2015 Incentive Compensation Plan. The 2015 Incentive Compensation Plan will be subject to the approval of shareholders,” Infosys said in its filing.
The new CFO, Mavinakere, was heading strategic operations and CEO’s office before he was moved into the current position. He has been associated with the company for over 15 years and is responsible for strategic planning, risk management, mergers & acquisitions and corporate marketing. From January 2008 to July 2013, he worked as the Chief Risk Officer (CRO).
The Board further approved the issuance of new shares, so as not to cumulatively exceed 2% of the shares outstanding, in order to support grants made over time under the 2015 Incentive Compensation Plan.