Bengaluru: Infosys Ltd’s non-executive chairman Nandan Nilekani assured shareholders that their concerns over the company’s stability have been addressed during the year and the focus is now on relentless execution of its plans and aspirations.
He also said that he was ready to work as long as necessary at Infosys without compensation. Nilekani was addressing the company’s 37th Annual General Meeting held in Bengaluru on Saturday.
Infosys went through a turbulent period last year due to a standoff between its founders – led by N.R. Narayana Murthy — and the previous management over corporate governance issues. That standoff culminated in the sudden resignation of its former chief executive officer (CEO) Vishal Sikka and former chairman R. Seshasayee. Co-founder Nilekani was brought in to save the day in August 2017.
“When I stepped for the second time into Infosys in August, one of the concerns that you raised was about the company’s stability. We have taken several steps during the year to remedy this. We have a very stable management team and board, and everybody is united, and agrees that we are really on the verge of something momentous. The focus is now on relentless execution," Nilekani said.
It is the resilience of all stakeholders — the board, management, Infosys employees, etc — that has seen the company through testing times and helped it deliver strong financial performance, he added.
The board and the nomination and remuneration committee also have a well-defined succession plan in place. That plan will not only be applicable for the CEO but also other key management personnel, executives said when asked by a shareholder if there was a back-up plan in place for incumbent CEO Salil Parekh, who was named Sikka’s successor late last year.
“I have already benefited enough from this company so I am not taking compensation. However, let me assure you that I am 100% committed to the company’s future, it’s direction, and I will work as long and as hard as necessary even if I don’t have compensation," Nilekani said in response to a shareholder’s suggestion that he ought to take compensation.
The non-executive chairman also said they will look into a shareholder’s suggestion of including founder Murthy on the board.
Infosys executives also reiterated that the company’s digital revenue will grow at a faster pace than overall revenue growth.
“We fully expect that digital revenue will grow faster. We had said in Q4 FY18 that quarter-on-quarter growth for digital revenue was significantly higher than overall (revenue) but we have not given any guidance for FY19 on digital revenue. The cloud business is one of our biggest and fastest growing pieces in digital," CEO Parekh said.