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Nandan Nilekani ‘excited’ about future of Infosys, firm’s board terms past differences with Murthy ‘unfortunate’

The Board of Infosys, on the other hand, termed the past differences over governance issue with founder NR Narayana Murthy as "unfortunate" and stated that it never intended to cause him "personal distress or anguish".

By: Express Web Desk | New Delhi | Published: August 25, 2017 8:21 pm
 Nandan Nilekani, Infosys, Infosys chairman Nandan Nilekani, Infosys Board of Directors, NR Narayana Murthy, Sikka, Indian express Newly-elected Infosys non-executive chairman, Nandan Nilekani. (Express Photo)

Newly-appointed Infosys non-executive chairman, Nandan Nilekani, has expressed that he was excited about the future of the IT firm, insisting that the Board of Directors is committed in restoring complete stability to the company. “I am extremely excited about the future of Infosys. The Board is focused on bringing complete stability to the Company. It has also tasked its Committee of Directors to work with the CEO and management to review and refresh the Company’s strategy by October,” Nilekani said, after a meeting with the Board of Directors of Infosys Limited.

The Board of Infosys, on the other hand, termed the past differences over governance issue with founder NR Narayana Murthy as “unfortunate” and stated that it never intended to cause him “personal distress or anguish”. “In recent days, there has been considerable discussion of the relationship between the Board of Directors of Infosys Limited and Narayana Murthy who established the culture and ethos of Infosys, especially its culture of adhering to high corporate governance standards. The Board believes it to be unfortunate that various differences of opinion have arisen between Murthy and the Board in the recent past. The Board wishes to express that it was not its intention to cause Murthy or any other affected person any personal distress or anguish while stating its point of view,” the company said in a press release.

It further said the Board and the company are focused on the future and committed to good governance, while the new chairman “will get a full briefing” on investigations into alleged wrongdoing in USD 200 million buyout of Panaya, adding that the appropriate course of action will be decided.

Infosys also offered an update on the CEO hunt. “The Board has also approved the appointment of the executive recruitment firm Egon Zehnder to work with its Nominations and Remunerations Committee to review and identify the right candidate to be the Company’s next CEO and MD,” the company said, adding that the Nominations and Remunerations Committee will deliberate on the long-term governance structure of the Board and present its recommendations at the meeting of the Board in October.

The Board also announced the appointment of  D N Prahlad as the Chairman of EdgeVerve Limited with immediate effect.

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  1. G
    guestfromindia
    Aug 25, 2017 at 10:36 pm
    Mr. Murthy raised an important issue - exec compensation. That said, when you have professional management, you pay professional rates. That's a fine line to walk. What does Company law says here?
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    1. C
      COMMON SOUTHIE JEHADDDI TACTIC AT INFOSYS
      Aug 25, 2017 at 10:14 pm
      OLD SOUTHIE SAUUDI JEHADDIZ ARE BACK. TO RULE, LOOOT, PILLFER, BASICALLY TO, VANISH THE 6000 MILLION DOLLAR CASH PILE IN INFOSYS TREASURY. NRN FILLING OLD GANGG, OF SCAM RIDDEN PAST SOURHIE COBGRESS REGIME, INTO LEADERSHIP OF INFOSYS, VIA BACK DOOR ENTRY, COMMON SOUTHIE TACTICS WITH LOOOT DEEP AT HEART.
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      1. I
        Ind
        Aug 25, 2017 at 10:13 pm
        Elon Musk has exploited Indian Army with Space X and Tesla companies. It is a disgrace to India and Indian Military that Elon Musk has blatantly exploited Indian Army. PM Modi must take up this issue of Intellectual Property with US President Trump and either shut down Space X and Tesla or negotiate an agreement.
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        1. Al S
          Aug 25, 2017 at 9:27 pm
          For folks who are apologist for the infosys board, here's my two pence. Most Infosys board members have done nothing worthy in their lives. Sure they have done 9-5 jobs and they had a boss whom they reported into. But nothing of their own. And they are preaching to the gallery. Versus, Murthy, who has been a hero for small investors. He's created a company thats an exemplar on corporate excellence in all spheres of operators. The man might have his own idiosyncrasies but that doesn't negate what he's achieved. No one complaints how Premji plays a game of thrones with his CEO. But Mr. Murthy doing what he's done, it becomes every one to come and defend the board.
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          1. D
            desikan
            Aug 25, 2017 at 8:38 pm
            Board's stand I'd a virtual surrender to Murthy. It is very unfortunate that even though Murthy launched a no holds barred campaign to undermine the CEO and the board, the new Chairman praises him and tries to even apologize to him for "his anguish". No professional worth his salt will ever accept a senior post in Infosys in future with such treatment being given!!
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