Infosys appoints Narayana Murthy as Executive Chairman

0

Bangalore: Infosys announced today that the Company’s Board has appointed N R Narayana Murthy into the Board and executive leadership of the Company. In a meeting held earlier today, the Board approved appointing him as Executive Chairman of the Board and Additional Director with effect from June 1, 2013.

Murthy’s election as a Director would be placed for the consideration of the Company’s shareholders in the Annual General Meeting (AGM) on June 15, 2013. Subject to his election as a director at the AGM, the Board will take up in its meeting on June 15, 2013, the resolutions for convening an extraordinary general meeting within the requisite period, in order to seek approval from the shareholders for appointing him as the Executive Chairman and Whole-time Director for a period of five years commencing on June 1, 2013.

K V Kamath would step down from his position as Chairman of the Board and take up the position of Lead Independent Director effective June 1, 2013.

N R Narayana Murthy said, “This calling was sudden, unexpected, and most unusual. But, then, Infosys is my middle child. Therefore, I have put aside my plans-in-progress and accepted this responsibility. I am grateful to K V Kamath – the Chairman, the Board, and every Infoscion for giving me this opportunity. I intend to do my best to add value to the Company in this challenging situation.”

S Gopalakrishnan would be re-designated Executive Vice Chairman effective June 1, 2013 and would primarily focus on key client relationships and broader industry issues. S D Shibulal would continue to be the Managing Director & CEO.

In order to function more effectively Narayana Murthy intends to create the Chairman’s office to assist him during his tenure and has requested the Board to permit him to put together a team for this function. The team will include his son, Dr. Rohan Murthy, as Narayana Murthy’s executive assistant.

Narayana Murthy, Gopalakrishnan, Shibulal and Rohan would draw a token compensation of Rupee One per year, subject to necessary approvals.

Kerala IT News

Share.

Comments are closed.