Infosys' General Counsel David Kennedy steps down
IT major, Infosys announced that David Kennedy, its General Counsel and Chief Compliance Officer, has step down from his post with immedia effect.
The company made the announcement on Sunday.
Soon after the announcement, the company named Gopi Krishnan, who was Deputy General Counsel, as the new as acting General Counsel as the company conducts a search for a new General Counsel.
"The Company has entered into a separation agreement with Kennedy (“Separation Agreement”) on December 23, 2016. Kennedy was entitled to revoke his acceptance of the Separation Agreement within seven days of his signature of the agreement", Infosys said in a regulatory filing.
As per the Separation Agreement, Kennedy will get aggregate severance payments of $868,250 plus reimbursements for COBRA (insurance) continuation coverage over a period of twelve months.
"The severance payments shall be paid, less applicable withholdings, in accordance with the Company’s normal payroll practices, subject to the fulfillment of all the applicable conditions set forth in the Separation Agreement", the company said.