In a dramatic development, the country's second largest software services major Infosys today re-appointed N R Narayana Murthy as its executive chairman with immediate effect to put the company back on high growth path.
At a meeting held here earlier in the day, the Board approved appointment of Murthy as Executive Chairman and Additional Director with effect from June 1, 2013, the city- headquartered NASDAQ-listed firm said in a statement.
Veteran banker K V Kamath would step down from his position as Chairman of the Board and take up the position of Lead Independent Director effective June 1, 2013.
"...Board has taken this step keeping in mind the challenges that the technology industry and the company faces and in the interest of all stakeholders, particularly shareholders large and small, who have asked for strengthening of the executive leadership during this challenging time," Kamath said.
"Murthy's entrepreneurial and leadership record and the long experience he has had as a technology pioneer makes him eminently qualified to lead the company and provide strategic direction at this point in time," he said.
Murthy said: "This calling was sudden, unexpected, and most unusual. But, then, Infosys is my middle child. Therefore, I have put aside my plans-in-progress and accepted this responsibility.
"I am grateful to Mr K V Kamath - the Chairman, the Board, and every Infoscion for giving me this opportunity. I intend to do my best to add value to the Company in this challenging situation."
The statement said, subject to his election as a director at the AGM, the Board will take up in its meeting on June 15, the resolutions for convening an extraordinary general meeting within the requisite period.
This is in order to seek approval from shareholders for appointing Murthy as executive chairman and wholetime director for a period of five years commencing today.
The re-shuffle also marks the entry of the next generation of Infosys founder with Murthy's son, Rohan, joining the over USD 7 billion firm as his father's executive assistant.
