He has quit the board with immediate effect to pursue an "exciting new opportunity", the Bengaluru-based company in a statement today.
Venkatesan was made co-chairman of the company in April 2017 at a time when co-founder N R Narayana Murthy was gunning for then company management led by Chairman R Seshasayee and CEO Vishal Sikka over corporate governance issues.
"I joined the board at a time when Infosys was beginning the complex journey of transitioning from founder-led to professional management. This was also a time of tectonic industry shifts. I am pleased that this mission has been accomplished. Infosys is strong, in good hands, and is gaining momentum," Venkatesan said in the statement.
Describing Venkatesan as "a champion for driving social impact", Nilekani said, "I am delighted that he will be pursuing an exciting opportunity in this area".
"I thank Ravi for his pivotal contributions to Infosys in a period of important transitions and towards a digital-first future. This passage is one that every entrepreneurial company faces eventually and I thank Ravi for his leadership in ensuring a successful transition," he said.
Nilekani also said the board would miss his passion, strategic insights and personal warmth but he would always remain a friend.
India's second largest IT exporter had witnessed a protracted stand-off between its high-profile founders led by Murthy and the previous management over issues of corporate governance and compensation to former executives. Another bone of contention was the acquisition of technology firm Panaya by Infosys under Sikka.
Earlier this year, an anonymous whistleblower had in a letter to markets regulator Sebi and US Securities and Exchanges Commission purportedly sought the resignation of independent directors, including Venkatesan, over divergent stand on Panaya.
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