BANGALORE, June 1: Sounding alarm bells over its decline in the IT industry, India’s leading software major Infosys today recalled Founder-Member N R Narayanha Murthy as Executive Chairman and an Additional Director effective from today.
Banking Wizard K V Kamath who was hitherto the chairman quit to become an independent director of the company.
Mr Murthy termed his recall as ‘sudden, unexpected, and most unusual’.
‘Infosys is my middle child and therefore, I have put aside my plans-in-progress and accepted this responsibility’ he added.
The company, in a release here, said Mr Murthy’s election as a Director would be placed for the consideration of the shareholders at the Annual General Meeting (AGM) on June 15.
Subject to his election as a director at the AGM, the Board will take up in its meeting on June 15, 2013, the resolutions for convening an extraordinary general meeting within the requisite period, in order to seek approval from /the shareholders for appointing him as the Executive Chairman and Whole-time Director for a period of five years commencing from today.
Commenting on this significant step, Mr Kamath said ‘the 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.
‘Mr 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 added.
(UNI)
Trending Now
E-Paper
Follow our WhatsApp channel