Infosys Limited (INFY) announced its Board has appointed N R Narayana Murthy into the Board and executive leadership of the company. Infosys Board also approved the appointment of Narayana Murthy as Executive Chairman of the Board and Additional Director with effect from June 1, 2013. 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.
The Board of Infosys said it took this step keeping in mind the challenges that the technology industry and the company faces and in the interest of its stakeholders. During his five year term, Murthy would draw a token compensation of Rupee One per year.
The company said S Gopalakrishnan would be re-designated Executive Vice Chairman effective June 1, 2013 and would primarily focus on key client relationships and broader industry issues. S D Shibulal would continue to be the Managing Director and CEO. S Gopalakrishnan and S D Shibulal have requested that they draw a compensation of Rupee One per year. The Board has accepted their requests.
Infosys also reported that Narayana Murthy intends to create the Chairman's office to assist him during his tenure and has requested the Board to permit him to put together a team for this function. The team will include his son, Dr. Rohan Murty, as Narayana Murthy's executive assistant. Rohan Murty is a Junior Fellow in the Society of Fellows at Harvard University. If appointed, Rohan Murty's term as Executive Assistant to the Chairman would be co-terminus with that of Narayana Murthy. Rohan Murty has requested that he should also be paid only a token compensation of Rupee One per year.
The Board of Infosys has agreed to Narayana Murthy's requests, subject to necessary approvals.
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