The return of NR Narayana Murthy as executive chairman of Infosys is causing heartburn among CEO-hopefuls, two of whom have begun searching for greener pastures, Economic Times reported.

Infosys board members BG Srinivas and Ashok Vemuri, who are in queue to succeed Chief Executive SD Shibulal when his term ends in early 2015, are learnt to be in serious discussions with a headhunter who has the mandate to find a CEO for iGate Corporation, according to at least three people familiar with the development. Besides Srinivas and Vemuri, executive search firm Russell Reynolds Associates is in talks with Girish Paranjpe, a former co-CEO of Wipro, India's third-largest IT services company.

Reuters reported separately that former CEO Phaneesh Murthy was removed by the shareholders for 'cause' from the iGATE Corp board by written consent in lieu of a meeting. Murthy's removal will be effective from June 7, 2013.

Read the full report here