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INFY: Infosys CEO to Retire in 2015

But he will step down earlier if the company finds a successor


India-based consulting, engineering and outsourcing service provider Infosys (INFY) is looking for a new chief executive.

Source: Flickr

INFY has retained executive recruiter Egon Zehnder to begin the process. Current CEO S.D. Shibulal is scheduled to step down in March 2015, but has told company officials that he is willing to retire prior to that date if Infosys completes its search for a successor. INFY says it will consider both external and internal candidates as part of its recruitment process, Bloomberg notes.

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With INFY shares underperforming industry rivals, Infosys Chairman N.R. Narayana Murthy has made changes among its executive team over the past several months in a bid to revive the company’s fortunes.

Earlier this year, Infosys warned investors that sales growth this year would fall toward the low range of previously-issued estimates.

INFY shares climbed about 1% in Friday morning trading. Over the past year, INFY stock has lost almost 3%.

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