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Kamath new chairman of Infosys Techologies
BANGALORE, Apr 30 (Agencies):
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Published on 30 Apr. 2011 10:53 PM IST
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K V Kamath was on Saturday appointed chairman of Infosys Technologies replacing founder N R Narayana Murthy. Murthy is due to retire on August 20 when he turns 65. Murthy has been central to Infosys ever since its founding in 1981 and his exit from the $6-billion company will mark a seminal moment. S Gopalakrishnan has been appointed executive co-chairman. S D Shibulal, one of Infosys’s founders and the current chief operating officer, will take over from Gopalakrishnan as CEO as MD. N R Narayana Murthy will be chairman emeritus of Infosys. All appointments will be effective from August 21, 2011. This major management change is the biggest since Nandan Nilekani passed on the CEO baton to Kris Gopalakrishnan in June 2007.
Murthy had said last year that a suitable successor would be announced well before his retirement. The company has a nominations committee to identify and screen individuals qualified to be part of the Board and the management, which has been discussing possible candidates for some time now.
K V Kamath, who transformed ICICI Bank into an aggressive lender and who is now the bank’s non-executive chairman, or Gopalakrishnan were expected to succeed Murthy.
The changes come at a time when the company has lost some of its lustre, not so much because of its own performance, which in many ways remains solid, but because some of its rivals like TCS and Cognizant have performed better. The changes announced today could have a big bearing on whether or not these relative performances change.


 
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