BANGALORE: Infosys Technologies board is to select a new Chairman and Chief Mentor for the company on July 11, 2006, said the company during its board meeting here today.

Speaking to media during the Annual General Meeting of Infosys on its 25th year celebrations, N R Narayana Murthy, Chairman of the board and Chief Mentor of the company, said that he would vacate his Chairmanship and Chief Mentor position. “If the board approves, I would continue as non-executive chairman. However, the chief mentor should be the executive member who comes to office and works for eight hours. Someone who is young and smart would become the chief mentor. I will vacate my current office in Infosys campus. I will have an office of my own at my residence in Jayanagar and an office in the Heritage building. Maybe once in a month or so I will go to Infosys", he said.

He also said that he would not look at joining politics if any political party invites. “I am on the board of various companies and education institutes. I will continue to work in that capacity. But I will not join politics,” he said.

In his address to the share holders, he said that the Infosys journey of 25 years has been a symphonic marathon. “It has been symphonic because every Infoscion, a maestro in his or her own right, subordinated individual interests to work as part of fine team, and produced exceptional results year after year. It is a marathon since we have a long way to go before we hit the tape,” he said.

Speaking on his expectations from Infosys in the next 25 years, he said it is not enough just to achieve targets, operational goals, innovation and financial performance. “I would like Infosys to be a place where people of different genders, nationalities, races and religious beliefs work together in an environment of intense competition but utmost harmony, courtesy and dignity, to add more and more value to our customers day after day.”

“I would like more women leaders to shape the future of Infosys. I would urge Infosys to choose a worthy dream, to go after it confidently, and to play a role that will make all of us proud in the years to come. But always, without fail, she should follow her bliss,” he added.

For a question from a shareholder, whether Infosys would be controlled by foreign investors or companies in the years to come? Murthy said “theoretically we say that this is Indian company. We are not selling out our shares and going away. The only way that this company can be certain of not being acquired or raided by someone else is showing growth and strong performance and keeping the investors happy. The day we stop, I think it could happen,” he said.

In his presentation, V Balakrishnan, CFO of the company said that the one Infosys share purchased in 1993 has grown to become 64 shares now. “100 rupees invested in 1993 has now become Rs 2, 00,852. Due to liberalization in 1991, Infosys was able to grow to this extent. In 1982, Infosys had Rs 0.12 crore as revenues with Rs 0.04 crore as net margin. In 2006, revenues have become Rs 9521 crore with Rs 2458 crore net margins,” he said.

For 2005-06, Infosys has increased salaries by 15 percent for offshore employees and has increased over 32.5 percent to onsite employees.

During the meeting some of the shareholders aired their displeasure for having Karvy consultants as the registrar of the company. “Karvy is facing problems from the last three months. Even SEBI had banned Karvy. Credibility of the company has gone so low. It is also unfriendly towards the investors,” said few shareholders.

© CyberMedia News

Email This   Print This   Comments   RSS