Infosys on Tuesday named independent director D Sundaram
as the chairperson of the audit committee with immediate effect, replacing Roopa Kudva, not citing any reason for the change.
Kudva headed the audit committee, one of the six panels led by independent directors at Infosys.
The audit committee head looks at the quality of the company's financial statements, working with external auditors. Kudva, who is the India managing director of Omidyar Network, joined Infosys board in February 2015.
In August, Infosys founder N R Narayana Murthy, who had raised concerns over governance failures at the company, had pointed that Kudva asked him to sign a non disclosure agreement to disclose the details on severance pay given to former CFO Rajiv Bansal.
Sundaram, vice chairman and managing director of TVS Capital Funds, joined the Infosys board as an independent director in July this year.
Another committee led by independent director and Biocon CMD Kiran Mazumdar Shaw, is working on a long term governance structure thinking on “what should be the board size what type of people should be on the board,” said chairman Nandan Nilekani. The firm is likely to announce the details in January.
The process of identifying the next CEO and shareholder consultation have been initaited and are progressing well, the firm said in a note.