NR Narayana Murthy returns to Infosys as Executive Chairman
NR Narayana Murthy has been appointed executive chairman to guide the company keeping in mind the challenges the technology industry and the company faces, said KV Kamath who is stepping down as board chairman effective Saturday.
June 01, 2013 / 13:12 IST
Moneycontrol Bureau
NR Narayana Murthy has returned to Bangalore-based Infosys, the software services exporter, he had founded, at a time the company is going through challenging times and failing to keep pace with its rivals like Tata Consultancy Services, HCL Technologies, Accenture and Cognizant Technologies.Narayana Murthy has been appointed as executive chairman of the board and additional director, effective Saturday. KV Kamath is in turn stepping down from his position as the board chairman and will now be a lead independent director.Murthy's election as a Director would be placed for consideration of the company's shareholders at the annual general meeting on June 15 and a seperate extraordinary general meeting will be held to seek shareholders approval for appointing him as executive chairman, Infosys said."The board has taken this step keeping in mind the challenges that the technology industry and the company faces and in the interest of all stakeholders, particularly shareholders large and small, who have asked for strengthening of the executive leadership during this challenging time," KV Kamath said.Narayana Murthy is being appointed as executive chairman for five years and will draw a token compensation of Rs 1 per year. The Murthy family held 4.47 percent stake in Infosys as of March 31."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 intend to do my best to add value to the company in this challenging situation," Murthy said.Meanwhile, S Gopalakrishnan is being re-designated as executive vice-chairman effective Saturday and will primarily focus on key client relationships and broader industry issues. SD Shibulal would continue to MD and CEO.Murthy intends to create a chairman's office to assist him during his tenure and has requested the board to put together a team for this function, which will include his son Dr Rohan Murthy as his executive assistant.Don't Miss: Did Infosys get it wrong with its 3.0 strategy? Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
