Bangalore: Infosys Chief Financial Officer V Balakrishnan will step down from his position on October 31, after six years at the helm of finances of the IT major, to pave the way for younger generation to shape the company.

The decision came as a surprise as C V Balakrishnan was pointed out as the one suited to be the next CEO. According to the company, Balakrishnan voluntarily gave up his position but did not reveal the reasons for the decision. However, he will remain on the board of directors and will be responsible for Infosys BPO, Finacle and the India business unit. Rajiv Bansal, Vice President, Finance, will take over as CFO from November 1, the NASDAQ-listed firm said in a statement.

 “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, Executive Co-chairman of Infosys.

The company in its Q2 earnings declaration has reported a 24 percent gain in profits and also declared a wage hike for the employees.

-With Agency Inputs