Home >companies >news >Infosys EGM approves Murthy’s appointment as executive chairman

Bangalore: Shareholders of India’s second largest software exporter Infosys Ltd unanimously approved and ratified the appointment of the company’s billionaire founder N.R. Narayana Murthy as executive chairman and whole-time director of the board on Saturday, two months after the Bangalore-based company recalled him from retirement to script a turnaround in its fortunes.

At an extraordinary general meeting (EGM), where other Infosys executives such as co-founder S. Gopalakrishnan and board member V. Balakrishnan were also present, Murthy’s appointment to the board was formally approved by shareholders.

Murthy, the man often credited for building Infosys in the first place and making it the poster child of India’s $108-billion information technology (IT) industry, came back out of retirement in June, nearly seven years after he stepped down from all executive roles. He also requested to appoint his son Rohan Murty as his executive assistant.

Not only did that disrupt succession planning set in place by Murthy and the other co-founders, but it also broke two fundamental principles that Murthy himself had put in his place during his two-decade long tenure as chief executive of the company—that the founders should retire at 60 and that their children would never work at the company.

Infosys is hoping for a revival in its fortunes after Murthy’s return, having lost its position as the Indian IT sector’s bellwether after consistently lagging average industry growth rates and losing market share to rivals such as Tata Consultancy Services Ltd and US-based Cognizant Technology Solutions Corp over the last two years.

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