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Former Infosys executive returns as independent director

business Updated: Oct 14, 2016 11:23 IST
HT Correspondent
HT Correspondent
Hindustan Times
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India’s second largest software services exporter, Infosys, said D N Prahlad, who played a role in the company’s formative years as an executive, has become an independent director on its board. (Reuters)

India’s second largest software services exporter, Infosys, said D N Prahlad, who played a role in the company’s formative years as an executive, has become an independent director on its board.

Sources close to the company’s founders said Prahlad is the nephew of founder and former CEO N R Narayana Murthy. Attempts to reach to the company’s spokesperson through phone and email failed.

Announcing the appointment of the new independent director along with its second quarter results, Infosys said, “…Prahlad played a key role in the rapid growth of Infosys, being associated with the company during its formative years.”

R Seshasayee, Chairman of the Board said, “We are delighted to welcome Prahlad, a distinguished technologist to the Board. Prahlad brings with him, not only his deep knowledge of the Company, but also sharp insights into the Industry”.

In August 2014, Prahlad, along with two former CFOs of Infosys, Mohandas Pai and V Balakrishnan, had written a letter to the company asking it to buy back shares worth Rs 11,200 crore to keep a check on the asymmetry of information between the management and investors.

Pai, who was the longest serving CFO at Infosys (12 years between 1994 to 2006) welcomed the induction of Prahlad into the company’s board and said he would add great value to the company’s management as an “excellent engineer” and as a former executive in Infosys who understands the workings of the company well.

Prahlad is the founder and CEO of Surya Software Systems Private Limited, Bangalore. Surya focuses on products for financial risk management of financial institutions in general and banks in particular. He is on the advisory board of Computer Science and Automation Department of Indian Institute of Science, Bangalore. Prahlad is a B.Sc. with honours in mathematics from Bangalore University and B.E. (Electrical technology and Electronics) from Indian Institute of Science, Bangalore.