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In yet another turn of events at Infosys, R Seshasayee stepped down as the IT bellwether's Chairman and Director of the board Thursday evening.
Nandan Nilekani has been roped in as 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 Vishal Sikka, who was the executive vice chairman and board director, with immediate effect.
"Under Nandan, Infosys will build a cohesive management team that will no doubt take the Company to a leadership position in the industry," Seshasayee said.
"I believe these changes will infuse further confidence to the stakeholders in executing the transition plan and in reinforcing the strategy for the future. I am confident our employees and customers will join me in welcoming Nandan to the Company," he added.
Prior to the announcement, reports suggested that Seshasayee is unhappy with the recent course of events at the company and was planning to move on.
A chartered accountant by profession started his career in 1971 with what was then called Hindustan Lever.
Seshasayee, an industry veteran had joined Ashok Leyland in 1976 where he rose among the ranks to become the Executive Director (Finance) by 1983. He was then elevated to Deputy Managing Director by 1993 and became the Managing Director in 1998.
The investment management specialist became the Executive Vice Chairman of the automotive giant in 2011, and remained the Non-Executive Vice Chairman, until July 2016.
At Ashok Leyland, Seshasayee led the company's transformation into a global leader through globalisation and diversification. He led the company to a series of acquisitions and joint ventures.
During during his tenure as Managing Director, the company's turnover increased five times from Rs 2,045 crore to Rs 12,093 crore while the net profit grew 30 times and the market cap grew 14-fold.
The 69-year-old has been the Chairman of the Infosys Board since 2011 and has also been the Chairman of IndusInd Bank since 2007 along with Asian Paints.
Besides the two, he had also served on the Board of ICICI Bank from 1997 to 2003.
During 2006-2007, Seshasayee served as the President of Confederation of Indian Industry (CII).
He has also been a member of several Government of India delegations, including the one at Doha Ministerial Round of the World Trade Organisation in 2001 and the Hong Kong Ministerial in 2005, besides being the Co-Chair of the World Economic Forum – Middle East in 2007.
He was bestowed with the ‘Star of Italian Solidarity’ award by the Italian Government and the ‘Lifetime Achievement Award’ by the Institute of Chartered Accountants of India.
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