BANGALORE: At a time when software major Infosys is under fire from investors and shareholders, the company's board has kicked off an exercise to identify the next CEO, according to sources familiar with the development.

For the first time, the board may also rope in a search firm which will help short-list external candidates, which means external candidates will get as good a chance as the internal ones in the company, according to a source. The list of internal candidates include BG Srinivas, Ashok Vemuri and V Balakrishnan, who are already on the company's board.

While Infosys CEO SD Shibulal's term officially ends in March 2015, when he turns 60, the board may have a candidate in place in the next 12 months, to help with the transition plan.

Infosys declined to comment on these developments in response to an e-mail sent by ET NOW.

A three-member nominations committee on the board will help Infosys in this succession planning exercise. The panel is headed by Prof Jeffrey Lehman, who was also charged with selecting a new chairman and CEO in 2011, when NR Narayana Murthy and Kris Gopalakrishnan stepped down.

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