New Delhi: Country's second largest software services provider Infosys today said its General Counsel and Chief Compliance Officer, David Kennedy, and the company have "mutually agreed" to cease the former's employment on December 31, 2016.The Bengaluru-based company, however, did not disclose any reasons for the decision.
Infosys' Deputy General Counsel, Gopi Krishnan, will assume Kennedy's duties as acting General Counsel as the company conducts a search for a new General Counsel.
"David Kennedy, its General Counsel and Chief Compliance Officer, and the company have mutually agreed that Mr Kennedy's employment with the company will cease on December 31, 2016.
The company has entered into a separation agreement with Mr Kennedy on December 23, 2016," Infosys said in a BSE filing. It further said that Kennedy was entitled to revoke his acceptance of the separation agreement within seven days of his signature of the agreement.
"Accordingly, December 31, 2016 is the effective date of the Separation Agreement," it said. Under the Separation Agreement and in line with the employment agreement that it supersedes, Kennedy will receive aggregate severance payments of USD 868,250 along with reimbursements for COBRA (insurance) continuation coverage over a period of 12 months, it added.
"The severance payments shall be paid, less applicable with holdings, in accordance with the company's normal payroll practices, subject to the fulfillment of all the applicable conditions set forth in the Separation Agreement," it said. Kennedy had joined Infosys as Executive Vice President and General Counsel on November 1, 2014.
