Narayana Murthy wouldn't be Chairman Emeritus of Infosys

Founders do not want to be called as promoters of the company; seek regulatory approval

Narayana Murthy the co-founder of India's second largest IT services company Infosys has indicated that he does not intend to be Chairman Emeritus of Infosys.

In a company filing to the exchanges, the company said that the Board of Directors have accepted Murthy's decision.

"Narayana Murthy will cease to be Non-Executive Chairman effective October 10, 2014. He indicated that in line with the company's high corporate governance standards and to avoid any perceived conflicts, it would not be appropriate for him to be the Chairman Emeritus of Infosys. The Board accepted Mr. Murthy's decision and sincerely thanked him for his vision, leadership and guidance in making Infosys a globally respected company," said the statement.

Meanwhile, with the last of the founders of India's second largest IT services company bidding adieu to the company, the founders have now expressed that they no longer intend to be called as promoter of the company.

With the last two founders, Narayana Murthy and S Gopalakrishnan, remitting office, the founders have neither association with the company nor exercise any control over the affairs of the company after the current date. The founders have therefore requested the company to seek appropriate classification of their revised status. The company is in the process of seeking appropriate regulatory guidance on the same.

The company has been classifying its founders, Narayana Murthy, Nandan Nilekani, S Gopalakrishnan, S D Shibulal and K Dinesh along with their immediate family members as promoters/promoter group of the company in applicable disclosures with the stock exchanges and other regulatory authorities.

S Gopalakrishnan will cease to be the Non-Executive Vice Chairman effective October 10, 2014, K V Kamath has been elected as the Chairman of the Board effective October 11, 2014.