Murthy banks on KV Kamath to lead Infosys
Saturday marked a major shift at Infosys, India’s second largest software services exporter, when it announced that founder-chairman NR Narayana Murthy would pass the baton on to KV Kamath, a veteran banker. Vivek Sinha reports. Who is Kamathindia Updated: May 01, 2011 01:44 IST
Saturday marked a major shift at Infosys, India’s second largest software services exporter, when it announced that founder-chairman NR Narayana Murthy would pass the baton on to KV Kamath, a veteran banker.
Kamath, 63, a board member, assumes charge as non-executive chairman and will be the first non-founder to head the IT giant in its 20-year history.
Leadership roles changed for company’s two key executives as well. SD Shibulal, 56, a founder of the company and chief operating officer, will be the chief executive in place of 51-year-old S. Gopalakrishnan, who will be the company’s executive co-chairman. A COO has not been named.
“A perfect team to strengthen customer, investor and employee connect on the one hand and world-class board governance on the other hand,” said an emotional Murthy at a press conference in Bangalore, introducing the team.
The appointments come into effect August 21, a day after Murthy retires at 65. He will, however, continue as the chairman emeritus. Kamath, too, will remain the non-executive chairman at the ICICI Bank.
Infosys lately has struggled to keep pace with competitors such as TCS and HCL Technologies. Its quarterly earnings, announced a fortnight ago, fell short of market expectations.
Infosys Technologies will be renamed Infosys Ltd. “We felt that the brand Infosys is so strong that we would like to rename the company as Infosys Ltd,” S Gopalakrishnan said. “It’s part of our 3.0 vision...”