IT services provider Infosys today said its co-founder Narayana Murthy will step down as non-executive chairman of the Bangalore-based company.
KV Kamath will be the new chairman of the Board effective October 11, 2014.
“Narayana Murthy will cease to be non-executive chairman effective October 10, 2014. He indicated that in line with the company’s high corporate governance standards and to avoid any perceived conflicts, it would not be appropriate for him to be the chairman Emeritus of Infosys,” said Infosys in a statement.
Earlier, Murthy’s return to save the IT services vendor and the presence of his son to support his work created severe criticism among the Indian IT industry.
Due to pressure from investor community and dwindling business, Infosys selected a Vishal Sikka as the chief executive officer and managing director. Sikka is the first Infosys outsider to take the top position.
The Infosys Board accepted Murthy’s decision and sincerely thanked him for his vision, leadership and guidance in making Infosys a globally respected company.
Infosy said S Gopalakrishnan will cease to be the non-executive vice chairman effective October 10, 2014. The Board expressed its deep sense of appreciation for the services rendered by him during his tenure at Infosys.
With the last two founders, Narayana Murthy and S Gopalakrishnan, remitting office, the founders have neither association with the company nor exercise any control over the affairs of the company after the current date. The founders have therefore requested the company to seek appropriate classification of their revised status. The company is in the process of seeking appropriate regulatory guidance on the same.