The board of software major Infosys has kicked off an exercise to identify its next CEO, according to people familiar with the development, a move that comes at a time when the company is under fire from investors and shareholders for its poor performance in the last few quarters.

For the first time, the board may also rope in a search firm that will help short-list candidates for the top post, a clear indication that external candidates stand as good a chance as the internal ones, according to one of the sources cited above.

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

Read the full report here