Infosys executives exits

Infosys overbilled Apple Inc.

Infosys overcharged Apple Inc, which led to the exit of two senior Infosys executives on October 20.

The company fired Abraham Mathews, chief financial officer of its Infosys BPO Unit, for failure to comply with the company’s code of conduct. Specifically, Mathews failed to disclose financial irregularities by an employee to a client

“In the particular case, although it was a financially insignificant amount, the CFO should have reported the incident. For reasons best known to him, he did not and so we were left with no option,” the executive said.

Also, Gautam Thakkar, the company’s BPO chief executive also resigned on “moral grounds” and would on November 30.

Spokewoman Sarah Gideon further said that the company would not comment on the confidential investigations currently going on.

“The financial irregularities are not material in nature and the company has already made required disclosures. The company has taken disciplinary action on employees,” she said in an email.

As per Reuters’ source, these irregularities surfaced during an internal audit. The audit showed that there is little financial impact to the company. However, the company still continues to demonstrate its” zero-tolerance policy for any improper conduct”.

On the other hand, Apple Inc continues its silence regarding the case.

The Economic Times newspaper on Thursday said Infosys would soon fire at least six more employees at the unit, after investigations revealed that they had produced inflated invoices and allegedly overbilled Apple for many months.

Furthermore, the company has named senior members Anup Uppadhayay and Deepak Bhalla as the unit’s chief executive and chief financial officer in Mathews’ exit. Uppadhayay will handle the BPO unit which contributes up to 7% to the company’s revenue.

The company earlier this year brought in Vishal Sikka as its new CEO to chart a new strategy for the company, once a trend-setter for India’s more than $100 billion IT outsourcing industry. Infosys has struggled in recent years to retain staff and market share.

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