IT major Infosys today said Independent Director Ann Fudge, who is scheduled to complete her tenure on the company's board on June 14, 2014, has conveyed her intention to not seek re-appointment "owing to her busy schedule".
Fudge currently serves on the Board of Directors of General Electric, Novartis and Unilever, according to Infosys' website. She is a trustee of Brookings Institution and also serves on the boards of the Rockefeller Foundation, the Council on Foreign Relations, and is the Chair of U.S. Program Advisory Panel for the Gates Foundation.
"Due to increasing time commitments on other Boards, I have decided not to seek re-appointment on the Infosys Board," Fudge said. "With the addition of new board members and a solid succession plan in place, I know the company is well-positioned for success."
Earlier this year, David Boyle had announced his exit as an independent director on Infosys' board.
The company had in January this year inducted Biocon Chairman Kiran Mazumdar-Shaw as an independent director on its board. Infosys now has seven independent directors and six executive directors.
The company had also recently announced the appointment of Carol M. Browner, distinguished senior fellow at the Center for American Progress as an additional director. However, Browner's appointment will be effective on the date she receives her Director Identification Number from the Ministry of Corporate Affairs.
Infosys' board is in the process of finding a new CEO of the company as incumbent SD Shibulal is due for retirement either on the date of the last board meeting before his superannuation - January 9, 2015 - or when his successor is ready to assume office, whichever is earlier.
The nominations panel at Infosys is in the process of evaluation of internal and external candidates for the CEO's post, with the help of corporate executive evaluation specialist Development Dimensions International (DDI) and multinational executive search firm Egon Zehnder. Lead Independent Director K V Kamath, is chairman of the nomination committee, while Mazumdar-Shaw and R Seshasayee are its other members."The year 2015 is likely to be an action-packed year for Infosys, as the company will not only get a new CEO, but also will have a revamped board of directors due to several members reaching their retirement age.
Besides Shibulal, the company's Head of Delivery Excellence and Board Member Srinath Batni will retire by November 2014, while Executive Vice Chairman Kris Gopalakrishnan is due for retirement in April 2015. Independent Director Omkar Goswami's term is scheduled to end by December 2015."