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K.V. Kamath named Infosys chairman

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CIOL Bureau
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BANGALORE, INDIA: Putting an end to the suspense and rumours, Infosys Technologies announced on Saturday that K.V. Kamath will be the new chairman on the IT bellwether whereas current CEO Kris Gopalakrishnan will be the executive co-chairman of the company. S.D. Shibulal, who is the current COO, will be elevated to the post of CEO.

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As speculated earlier Narayana Murthy will be the chairman emeritus of Infosys. This is for the first time that a non-founder has been named the chairman of Infosys.

Infosys said the new leadership will take charge on August 21, 2011. The board of directors also approved a proposal changing the name of the company to Infosys Ltd., it said.

The new leadership was selected by a nomination committee headed by Prof. Jeffrey S Lehaman. Speaking on the occasion, Lehaman said, "This is a great moment for Infosys. These three leaders meld an extraordinary range of talents and experiences with a united commitment to drive the company to unprecedented levels of accomplishment while remaining true to its historic values. We could not be in better hands."

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Kundapur Vaman Kamath is currently an independent director on the Board of Infosys. He is the non-executive chairman of the Board of Directors of ICICI Bank Limited, India's second largest bank.

Speaking on the occasion K. V. Kamath said, "Infosys is a company which has been built by its founders, led by the visionary leader Mr. N. R. Narayana Murthy, who as its chief executive officer and managing director and then as its chairman and chief mentor, provided Infosys its thought leadership over the years. This is an innovation-led company, with a core of outstanding professionals that has always set the highest standards and has built a unique culture. I feel greatly honoured to have been asked to be the chairman of Infosys by the Board of Directors and accept this responsibility with a deep sense of humility."

He said that the would give roughly 30 days of a year to Infosys.

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S. Gopalakrishnan, known as Kris among his peers, is a co-founder of the company. Accepting his new responsibility, Kris said he is happy and honoured that the Board has requested him to take on the responsibility of executive co-chairman.

"I look forward to working with Vaman and Shibu, post August 20, when Mr. N. R. Narayana Murthy retires from the Board as chairman and chief mentor. Our goal is to strengthen and grow Infosys further while maintaining the trust and confidence reposed in us by all the stakeholders — clients, employees, investors and shareholders, vendor-partners, the government of the land, and society."

S. D. Shibulal, the new CEO, is also one of the co-founders of Infosys. Expressing his gratitude and joy on being named the CEO, Shibulal said he is honored to be appointed the chief executive officer and managing director of Infosys.

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"In the last 30 years, Infosys has established itself as an industry leader. Under Kris’s leadership, Infosys has scaled greater heights and has become a respected global brand. Vaman is a well-known and highly-respected corporate leader. As we look ahead, we will ensure that this leadership transition is smooth as all other transitions have been in the past. We are also making other organizational changes to strengthen our market position and ability to serve our clients better," he added.

Narayana Murthy, who becomes the chairman emeritus of the company effective August 21, 2011, in recognition of his founding the company, mentoring his co-founders, and nurturing the organization over the last thirty years, thanked the Nominations Committee for doing an admirable job of succession planning and continuing the Infosys tradition of a sound succession strategy.

"I am glad they have found a perfect team to strengthen customer, investor and employee connect on the one hand, and world-class board governance on the other hand. Vaman is, in my opinion, one of the finest corporate leaders of modern India. Kris has demonstrated high-class performance during testing times for the industry and the company. I congratulate Shibu on being appointed the chief executive officer and managing director. I have no doubt he will do an excellent job like Kris did. Vaman, Kris and Shibu will make an ideal team. I am grateful to the Board for appointing me as the chairman emeritus and providing me an opportunity to add value to the Board, the Executive Management and every Infoscion if asked by them," he said. 

Taking the new role, Murthy said, “I have no timetable. I will be available if demanded by any Infoscion.”

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