BANGALORE, India, June 1, 2013 /PRNewswire/ --
Infosys Limited announced today that the Company's Board has appointed Mr. N R Narayana Murthy into the Board and executive leadership of the Company. In a meeting held earlier today, the Board approved appointing Mr. N R Narayana Murthy as Executive Chairman of the Board and Additional Director with effect from June 1, 2013.
Mr. Murthy's election as a Director would be placed for the consideration of the Company's shareholders in the Annual General Meeting (AGM) on June 15, 2013. Subject to his election as a director at the AGM, the Board will take up in its meeting on June 15, 2013 the resolutions for convening an extraordinary general meeting within the requisite period, in order to seek approval from the shareholders for appointing him as the Executive Chairman and Whole-time Director for a period of five years commencing on June 1, 2013.Mr. K V Kamath would step down from his position as Chairman of the Board and take up the position of Lead Independent Director effective June 1, 2013. Mr. K V Kamath said, "The Board has taken this step keeping in mind the challenges that the technology industry and the Company faces and in the interest of all stakeholders, particularly shareholders large and small, who have asked for strengthening of the executive leadership during this challenging time. Murthy's entrepreneurial and leadership record and the long experience he has had as a technology pioneer make him eminently qualified to lead the company and provide strategic direction at this point in time." Mr. N R Narayana Murthy said, "This calling was sudden, unexpected, and most unusual. But, then, Infosys is my middle child. Therefore, I have put aside my plans-in-progress and accepted this responsibility. I am grateful to Mr. K V Kamath - the Chairman, the Board, and every Infoscion for giving me this opportunity. I intend to do my best to add value to the Company in this challenging situation."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts