statesman news service
BANGALORE, 1 JUNE: Mr Narayana Murthy, Infosys’ father figure and co-founder, has returned to the company from retirement as its executive chairman. This follows the comparatively poor performance of the software giant quarter on quarter, of late, worrying its several thousand stakeholders. Till recently considered as the bellwether of the IT industry, the company has given lower than expected guidance which added to the all round concern.
In a statement here today, the company said that Mr Murthy has been appointed executive chairman and additional director with immediate effect The decision was taken at a board meeting held earlier today. Mr KV Kamath, well known banker, would step down from his position as chairman of the board to take up the role of lead independent director.
The board has taken this step keeping in mind the challenges that the technology industry and the company faces and in the interests of shareholders, large and small, who have asked for strengthening the executive leadership during this challenging time, according to Mr Kamath. The appointment is subject to approval at the annual general meeting scheduled for 15 June.
Alongside this development, Mr Murthy&’s son, Rohan, would join the company as his father&’s executive assistant. His appointment would be co-terminus with Mr Murthy&’s with both being paid a token compensation of Re 1 per year. The company meanwhile added that “as Mr Gopalakrishnan and Mr Shibulal have requested that they draw a compensation of Re 1 per year, the board has accepted their requests, subject to shareholder and government approvals.”
Mr Murthy, on his part, said that “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.”
The market and the industry has welcomed the move. Mr Som Mittal of Nasscom hailed the decision arguing that it could well be the turning point for the company.Marketmen, on their part, felt that Infosys faced a major challenge when it comes to regaining revenues. Mr Murthy could help the software giant through the credibility and respect that he enjoys worldwide. Others noted that he could be the game changer for the company and the industry as a whole.