Infosys appoints Ravi Venkatesan as co-chairman

IT Major Infosys Ltd. on Thursday announced the appointment of Ravi Venkatesan as the board's co-chairman.

Venkatesan, an Independent Director, will now take over as the co-chairman owing to the decision taken by the Infosys board amidst an ongoing string of arguments between the founders and the management over issues such as salary hike and corporate governance standards among others.

Recognising Venkatesan's contribution to the company's growth trajectory since his recruitment in April 2011, Infosys board stated the appointment is crucial towards implementing the company's strategy.

Earlier today, Infosys CEO Vishal Sikka while discussing the company's Q4 results said the company is expecting the revenue growth to be between 6.5 to 8.5 percent in constant currency.

With regards to fiscal year 2017, the board announced a final dividend of Rs. 14.75 per share amounting to Rs. 4,078 crore.

The revenues were Rs. 68,484 crore for the year ended March 31, 2017, with a year-on-year (YoY) growth of 9.7 percent. Operating profit was tabulated to be Rs. 16,901 crore,with YoY growth recorded at 8.2 percent.