UPDATE: K V Kamath appointed new Infosys chairman

In a major top-level management restructuring, India's second largest software firm Infosys today named veteran banker K V Kamath as the new chairman to succeed founder N R Narayana Murthy, who retires in August.

The over $6-billion Infosys Technologies has also appointed current CEO S Gopalakrishnan as the executive co-chairman and promoted COO S D Shibulal as CEO and MD.

Murthy, who turns 65 in August, would become chairman emeritus.

These appointments, effective August 21, 2011 were approved at the company's board meeting held here today.

Kamath, 63, is currently an independent director on the board of Infosys. He is the non-executive chairman of ICICI Bank, the country's largest private lender.

"I am very very pleased with (all) these appointments," Murthy told reporters after the board meeting.

"Kamath, Kris and Shibu will make an ideal team. I am grateful to the company for appointing me as chairman emeritus and providing me an opportunity to add value to the board...," he said.