Murthy to step down as Infy chairman | india | Hindustan Times
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Murthy to step down as Infy chairman

Ruling out any intention to join politics, he said he was ready to continue as non-executive Chairman after Aug 20.

india Updated: Jun 11, 2006 12:00 IST

N R Narayana Murthy saidon Saturday said that he would step down as Chairman and Chief Mentor of Infosys Technologies Limited on August 20, the day he turns 60.

He also made it clear that he was ready to continue as non-executive Chairman of the NASDAQ-listed software firm anddisclosed his post retirement plans.

"I will be completing 60 years of age on August 20. If the Board of Directors in their meeting on July 10 and 11 would decide that I should continue as non-executive Chairman for whatever term that they want me to be, I will be thrilled and privileged to continue in that capacity," he told reporters in response to questions after the company's 25th Annual General Meeting in Bangalore.

At the same meeting, the Board of Directors would decide on the next Chief Mentor as the position has to be donned by an executive person, "somebody who comes to the office everyday and spends at least eight hours a day," he said.

The company was floted with a capital of Rs 10,000 in 1981. It clocked a revenue of USD 2.15 billion in 2005-06, and has today over 52,000 employees and a market capitalisation of around USD 20 billion.

On plans post-retirement from Infosys, Murthy said his presence on the Board of several companies and universities abroad would keep him busy, and ruled out joining politics.

"All that I would say is that I do spend a large part of my time outside India because I am on the Board of several companies, on the advisory boards of several companies and universities in the US, Europe and Asia Pacific. That will keep me busy, definitely," he said.

"Anyway I am not interested (to get into politics). Even if there are offers, I would not be interested."