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.