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IT bellwether Infosys On Thursday said it will rope in Nandan Nilekani, the company’s co-founder, as non-executive, non-independent director and chairman of the Board of Infosys, in a dramatic turn of events in the very public battle between the board and founders continues.
Infosys also said it had accepted the resignation of the current Board chairman R Seshasayee, Vishal Sikka, who was the executive vice chairman and board director, with immediate effect.
Ravi Venkatesan also quite as co-chairman of the Board, but will continue as independent director.
In addition, board members Jeffrey Lehman, John Etchemendy have also put in their papers.
“I am happy to return to Infosys, now in the role of non-executive chairman, and look forward to working with my colleagues on the Board and in executive management on the business opportunities we see before us and delivering benefits to our clients, shareholders, employees and communities. I thank Vishal for his service as the CEO of Infosys over the last 3 years and wish him well in his future endeavors,” said Nandan Nilekani in a statement.
Nilekani served as Infosys CEO from 2002 to 2007. He left in 2008 to head the Indian national identity programme- Aadhaar.
Since February, Infosys, India’s second largest IT services company, has been embroiled in a bitter battle of allegations and counter-allegations between its co-founders, mostly Murthy, questioning corporate governance practices at the company.
Vishal Sikka, the first non-co-founder CEO of Infosys, stepped down on August 18 citing continuous distractions and increasingly personal attacks on him.
In a strongly worded email to the stock exchanges, the Infosys Board had, at the time, blamed founder NR Narayana Murthy’s “continuous assault” as the primary reason for him putting down his papers.
“Last week I said that my remaining on the Infosys Board was to primarily enable a smooth transition. In Nandan, we have found an ideal leader to manage this transition. "I welcome Nandan's appointment as Chairman to help guide Infosys to new frontiers of success and wish him, Pravin and all Infoscions the very best in the times ahead," said Vishal Sikka, the first non-co-founder CEO of Infosys, who quit last Friday.
Over the course of this week, there has been rising clamour from investors asking for Nilekani’s return to Infosys.
On Tuesday, top fund managers and Domestic Institutional Investors wrote to the board of Infosys pitching for his return, citing customer, stakeholders and employee confidence, and instilling a sense of credibility.
CNBC-TV18 reported on Wednesday that Infosys is looking to bring back Nilekani to head the organisation, and that the role would be decided in 48 hours.
UB Pravin Rao, the erstwhile chief operating officer will continue as the interim CEO and managing director.
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