Infosys Board Appoints Mr. N R Narayana Murthy as Executive Chairman of the Board
BANGALORE, India, June 1, 2013 /PRNewswire/ --
Infosys Limited announced today that the Company's Board has appointed Mr. N R Narayana Murthy into the Board and executive leadership of the Company. In a meeting held earlier today, the Board approved appointing Mr. N R Narayana Murthy as Executive Chairman of the Board and Additional Director with effect from June 1, 2013.
Mr. Murthy's election as a Director would be placed for the consideration of the Company's shareholders in the Annual General Meeting (AGM) on June 15, 2013. 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 on June 1, 2013.
Mr. 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.
Mr. K V 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. Murthy's entrepreneurial and leadership record and the long experience he has had as a technology pioneer make him eminently qualified to lead the company and provide strategic direction at this point in time."
Mr. N R Narayana 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."
During his five-year term, Mr. Murthy would draw a token compensation of Rupee One per year.
Mr. S Gopalakrishnan would be re-designated Executive Vice Chairman effective June 1, 2013 and would primarily focus on key client relationships and broader industry issues. Mr. S D Shibulal would continue to be the Managing Director and CEO.
Mr. S Gopalakrishnan and Mr. S D Shibulal have requested that they draw a compensation of Rupee One per year. The Board has accepted their requests, subject to necessary shareholder and government approvals.
In order to function more effectively Mr. Narayana Murthy intends to create the Chairman's office to assist him during his tenure and has requested the Board to permit him to put together a team for this function. The team will include his son, Dr. Rohan Murty, as Mr. Narayana Murthy's executive assistant.
Mr. Rohan Murty is a Junior Fellow in the Society of Fellows at Harvard University. He has a Ph.D. in Computer Science from Harvard University and a Bachelor's degree in Computer Science from Cornell University and has held fellowships at MIT, Caltech, and Microsoft Research. He has authored several papers and patents as part of his research on wireless and mobile computing. If appointed, Mr. Rohan Murty's term as Executive Assistant to the Chairman would be co-terminus with that of Mr. Narayana Murthy. Mr. Rohan Murty has requested that he should also be paid only a token compensation of Rupee One per year.
The Board has agreed to Mr. Narayana Murthy's requests, subject to necessary approvals.
Infosys is a global leader in business consulting and technology solutions. As a proven partner focused on building tomorrow's enterprise, Infosys enables clients in more than 30 countries to outperform the competition and stay ahead of the innovation curve.
Ranked in the top tier of Forbes' 100 most innovative companies, Infosys - with $7B in annual revenues and 150,000+ employees -- provides enterprises with strategic insights on what lies ahead. We help enterprises transform and thrive in a changing world through strategic consulting, operational leadership and the co-creation of breakthrough solutions, including those in mobility, sustainability, big data and cloud computing.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2013 and on Form 6-K for the quarters ended June 30, 2012, September 30, 2012 and December 31, 2012.These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company, unless required by law.