It will take at least three years to rebuild Infosys, newly reappointed executive chairman NR Narayana Murthy told the company’s annual general meeting in Bangalore on Saturday shortly after being formally elected a director of the company.
On June 1, Infosys had dramatically announced that Murthy, who had retired two years ago, would once again lead the company that had fallen behind its peers on growth and other metrics.
“The challenge is daunting and the task is tough. There will be some tough decisions resulting in pain as we move forward.” Murthy, who founded the company with six others in 1981, told shareholders.
His return was cheered by an overwhelming majority of shareholders, but a few dissenters did raise concerns over his son’s entry into the company as executive assistant to the chairman.
“During the last two years, the company’s focus has got blurred,” Murthy said, emphasising the need to focus on employees.
Murthy’s stamp was clearly visible in Infosys’s decision last week to increase the fixed component in employees’ packages, thus, giving them higher guaranteed pay.
Former Infosys chairman and now independent director KV Kamath conducted the proceedings.