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Infosys woes prompt calls for change at top

REUTERS, Bangalore/Mumbai
THE conservatism that served Infosys Ltd so well for three decades is now stunting its growth, prompting calls from investors for new blood at the top of India's showpiece outsourcer.
Critics say Infosys also must shed its aversion to acquisitions, change its premium pricing strategy and make better headway in higher-end businesses like consulting to compete with global rivals IBM and Accenture.
"It's one thing to get to the top and it's another to stay there. Infosys is clearly struggling to stay there,1' said Eric Mookherjee, a Paris-based fund manager for Shanti India, which holds Infosys shares.
"In this scenario, what would you lose by bringing in someone from outside who would not be infatuated with the Infosys culture?" he said.
The first signs all is not well at Infosys came a year ago with a disappointing sales forecast and the unexpected resignation of an executive many had expected to be its next CEO and the first from outside its fabled group of seven founders.
Last month, the company most identified with jobs being "Bangalored”, or moved to India to be done at a fraction of the cost elsewhere, missed its annual sales guidance, gave a lacklustre outlook and froze salaries.
"For years, we loved Infosys for consistently delivering more than they promised and now we are seeing just the reverse," said Mads Kaiser, a fund manager in Denmark at JI India Equity, which holds $200 million in Indian shares including Infosys.
"They are having real problems and it is not just external because it hasn't impacted its rivals much,” he said.
The story of Infosys's founding in 1981 — seven engineers pooling together $250, mostly scraped together from their wives - is the stuff of corporate legend.
The seeds of Infosys's current woes may well be the unwritten pact that each of its core founders get a shot at running it.
Chief Executive SD Shibulal, known in the informal Infosys style as "Shibu", is the company's fourth, having taken the helm last year from fellow co-founder Kris Gopalakrishnan. Shibulal, 57, was previously chief operating officer.
"The company has had two operational leaders and operational leaders tend to make a company very inward focused," said a senior executive at a technology company who previously worked at Infosys and declined to be identified.
Infosys, India's most widely-held company and the first to list on Nasdaq, played down concerns about its recent performance.