Infosys Ltd ADR (INFY) Fires Top Executive Over Apple Inc. (AAPL) Bill Discrepancies, Appoints New Officers

Infosys Ltd ADR (NYSE:INFY) fired one of its top executives over non-compliance with the company’s code of conduct. An earlier report by Reuters noted that the company’s back-office services unit was found in an internal audit to have recorded inflated amounts in invoices issued to Apple Inc. (NASDAQ:AAPL), in effect overcharging Apple. In her email to Reuters, Infosys spokeswoman Sarah Gideon said that the company has imposed disciplinary action on concerned employees, noting that the financial discrepancies discovered were not material in nature and that the company has issued important disclosures regarding the matter.

Relieved from his post at  Infosys Ltd ADR (NYSE:INFY) BPO unit is chief financial officer Abraham Matthews. On the other hand, Infosys BPO unit chief executive officer Gautam Thakkar is set to leave the company by November 30, having tendered his resignation on “moral grounds”. In a press release issued on November 18, Infosys announced the appointment of Anup Uppadhayay and Deepak Bhalla as the new chief executive officer and chief financial officer, respectively, of its BPO unit. Infosys chief executive officer and managing director Vishal Sikka said that the new appointments is expected by the company to continue in transforming its BPO service as a leading model on how business processes should be done.

Infosys-logo2Infosys Ltd ADR (NYSE:INFY) lists Apple Inc. (NASDAQ:AAPL) as one of its key accounts and among its top 5 global clients, contributing nearly $200 million in annual revenues, The Economic Times reports. Project managers and mid level employees, according to the report, will also be fired, with Infosys reiterating its objective of adhering to the highest standards of corporate conduct. The report noted that Apple has been overbilled for a period of about 1 to 2 years.

Under the leadership of Vishal Sikka, who took over its reins earlier in August this year, Infosys Ltd ADR (NYSE:INFY) is aiming to boost sales growth by leveraging new technologies and meeting with company employees and with customers around the globe.

This article has been written by Nonito Guntan.

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