<p>In the first significant reshuffle after recalling founder N R Narayan Murthy, Infosys today replaced its subsidiary Lodestone's Chairman BG Srinivas with V Balakrishnan, its former chief financial officer.<br /><br /></p>.<p>Balakrishnan, a director on the country's second largest software services firm's board, headed Infosys's BPO, Finacle and India Business Unit operations.<br /><br />Srinivas, too a board member, was head of the firm's Europe and global financial services and insurance.<br /><br />Before heading Infosys's BPO and Finacle operations, Balakrishnan served as the firm's Chief Financial Officer.<br /><br />The change assumes importance in the backdrop of Infosys calling back its founder N R Narayan Murthy as the executive chairman following the firm's repeated below-expected performance and its loosing market share to rivals like TCS, Cognizant and HCL Technologies.<br /><br />Infosys in a statement said: "V Balakrishnan has been appointed the Chairman of Lodestone and BG Srinivas will continue to be a key member of the Board of Lodestone."<br /><br />However, the company termed the move as a regular shuffling of portfolios.<br />Infosys said: "This move is part of the regular re-allocation of portfolios to meet the company's strategic objectives. The integration of Lodestone is progressing as per plan."<br /><br />In its annual report for 2012-13, Infosys said the board of directors of Lodestone include BG Srinivas, Ronald Hafner, V Balakrishnan, Stephen R Pratt and UB Pravin Rao.<br /><br />Infosys acquired Swiss SAP implementation firm Lodestone on October 22, 2012 for 330 million Swiss Francs (about Rs 1,932 crore), a move aimed at strengthening its consulting practice and increasing revenues from its European operations.<br /><br />The acquisition, an all cash deal, is the biggest by Infosys so far.<br /><br />Headquartered in Zurich, Lodestone advises international companies on strategy and process optimisation, and provides business transformation solutions enabled by SAP's enterprise solutions.<br /><br />It posted revenues of 221 million Swiss Francs (about Rs 1,317 crore) in 2012 and has a headcount of 1,200 as of January 2013.</p>
<p>In the first significant reshuffle after recalling founder N R Narayan Murthy, Infosys today replaced its subsidiary Lodestone's Chairman BG Srinivas with V Balakrishnan, its former chief financial officer.<br /><br /></p>.<p>Balakrishnan, a director on the country's second largest software services firm's board, headed Infosys's BPO, Finacle and India Business Unit operations.<br /><br />Srinivas, too a board member, was head of the firm's Europe and global financial services and insurance.<br /><br />Before heading Infosys's BPO and Finacle operations, Balakrishnan served as the firm's Chief Financial Officer.<br /><br />The change assumes importance in the backdrop of Infosys calling back its founder N R Narayan Murthy as the executive chairman following the firm's repeated below-expected performance and its loosing market share to rivals like TCS, Cognizant and HCL Technologies.<br /><br />Infosys in a statement said: "V Balakrishnan has been appointed the Chairman of Lodestone and BG Srinivas will continue to be a key member of the Board of Lodestone."<br /><br />However, the company termed the move as a regular shuffling of portfolios.<br />Infosys said: "This move is part of the regular re-allocation of portfolios to meet the company's strategic objectives. The integration of Lodestone is progressing as per plan."<br /><br />In its annual report for 2012-13, Infosys said the board of directors of Lodestone include BG Srinivas, Ronald Hafner, V Balakrishnan, Stephen R Pratt and UB Pravin Rao.<br /><br />Infosys acquired Swiss SAP implementation firm Lodestone on October 22, 2012 for 330 million Swiss Francs (about Rs 1,932 crore), a move aimed at strengthening its consulting practice and increasing revenues from its European operations.<br /><br />The acquisition, an all cash deal, is the biggest by Infosys so far.<br /><br />Headquartered in Zurich, Lodestone advises international companies on strategy and process optimisation, and provides business transformation solutions enabled by SAP's enterprise solutions.<br /><br />It posted revenues of 221 million Swiss Francs (about Rs 1,317 crore) in 2012 and has a headcount of 1,200 as of January 2013.</p>