Infosys appoints R Seshasayee as non-executive chairman

K V Kamath steps down to join BRICS New Development Bank

Infosys on Friday appointed R Seshasayee as the company’s non-executive chairman, after K V Kamath stepped down from the board, consequent to his nomination as the president of the BRICS New Development Bank. Seshasayee, who has been on the Infosys board since 2011 as an independent director, will assume charge with immediate effect, the company said.

Last month, the government of India had nominated Kamath as the first president of the BRICS New Development Bank, a multilateral institution set up by Brazil, Russia, India, China and South Africa. Kamath, who is also the non-executive chairman of private sector lender ICICI Bank, was required to resign from these positions in order to take up the new role.

On May 11, Business Standard had reported that Seshasayee is one of the internal board candidates being considered as a replacement to Kamath. “…The board has made the most appropriate choice in nominating Seshasayee as my successor, given his vast and varied experience in leading large public companies, and his strong contribution to Infosys, during the last four years of his association,” Kamath said.

A chartered accountant by qualification, Seshasayee started his career with Hindustan Lever in 1971, and then joined Ashok Leyland in 1976 where he became the managing director (MD) in 1998. At present, he is also a non-executive vice-chairman at Ashok Leyland and chairman of IndusInd Bank. At Infosys, he is also chairing the audit committee.

“…In order to devote requisite time and attention to this responsibility, it is my intention to substantially disengage from my other current responsibilities in due course,” said Seshasayee. “I look forward to working even more closely with the board and management as we navigate this period of transformation for the company.”

Widely considered as an ace banker, Kamath joined the Bengaluru-based company’s board in 2009. In 2011, when the then chairman N R Narayana Murthy retired, Kamath succeeded him. Kamath took charge as lead independent director after Murthy returned in June 2013. He became the non-executive chairman once again after Murthy stepped down, consequent to selection of Vishal Sikka as the new chief executive officer (CEO) and MD in October last year.

“On behalf of all Infoscions, I would like to thank Kamath for his extraordinary contribution to Infosys over the years and wish him the very best. He has been a great mentor to me personally and I look forward to his continued guidance as a well-wisher of this company,” Sikka said.