In a surprise move, member of the board and CFO V. Balakrishnan will give up his position from October 31, 2012. He will be replaced by Raji Bansal, Vice-President, Finance.

Balarishnan will continue as a member of the board and will be responsible for three businesses namely BPO, Finacle and the India Business Unit.

Kris Gopalakrishnan, Executive Co-chairman of Infosys, said: “Bala is one of the finest CFOs in the country. He has led his team in setting up new standards in financial reporting, corporate governance and compliance. A top performer, he successfully managed a high quality financial model which has withstood the pressure of the current economic downturn. Given his belief that younger people should get strategic opportunities to shape this company, he has voluntarily given up his CFO position,’’ said Kris Gopalakrishnan.