Former Infosys Chief Financial Officer (CFO) Rajiv Bansal will be joining US-based IT service firm DXC Technology. The company has appointed him as the Senior Vice President (VP) and also the head of finance, America’s source mentioned.
In 2018, Rajiv Bansal had won a long-time arbitration case against Infosys. The arbitration case helped him to claim amount of 17.38 crore rupees as severance package which was approved by Infosys, the tech giant company of India to him at the time when he resigned from Infosys. Rajiv Bansal’s appointment as senior VP of DXC technologies comes 6 months after he won the arbitration case.
During the time when Vishal Sikka was the CEO of Infosys, the company had decided to pay a severance package to Rajiv Bansal of worth 17.38 crore rupees or 24 months of salary at the time when he resigned from the company in December 2015. However, in April 2017, Infosys had stopped the payments; the company had already paid 5 crore rupees out of the promised amount after which the unreasonable contract escalated in issues in the administration that Infosys founder NR Narayan Murthy waged against the board of the company.
After 3 months from resigning Infosys as CFO, he had joined a ride-hailing service company Ola in October 2015, but he quit Ola in a year, and the verdict of the case came out 2 years after quitting Infosys.
Rajiv Bansal by professional is a chartered accountant and cost accountant; he also worked in Ola as a CFO. He was serving Infosys for the past 16 years and also holds some of the important positions in Infosys such as CFO and advisor to the CEO while having a position in the Infosys board. Before joining Infosys, he has served Tata technologies, ABB and, Cable & Wireless.
Rajiv Bansal had become the main reason for the dispute in the Infosys. The reason for the controversy was he was approved of a high severance package which had been objected by some of the founders of the company, the company board also admitted it later. Infosys did not back the remaining amount to Bansal accusing that he has violated the agreement of confidentiality and also deleted data from official systems. Later, Rajiv Bansal took the issue to an arbitrator, and the judgment was passed in his favour.
Rajiv Bansal is one of the highest paid executives of Infosys. The former CFO managed to take $770,858 package to home for the year-end of March 2015.
In India, the DXC Technology has around 42,000 employees, and there are around 1.3 lakh employees across the world. DXC Technologies in India operates from 26 cities which are spread across 10 locations. The strong services of DXC are in insurance-healthcare, life sciences and public sector. DXC technology is listed on the New York Stock Exchange as an end-to-end IT service company which had been formed after the fusion of Computer Sciences Corporation with the business services of Hewlett-Packard Enterprise in 2016.