Murthy gives final speech to investors at AGM

BANGALORE, INDIA: N R Narayana Murthy, the outgoing chairman and chief mentor of Infosys Technologies, who is retiring from the post on August 20, 2011, said that Infosys has been an integral part of the journey and it is hard to deliver the last speech.

While delivering his last speech at the 30th Annual General Meeting as the chairman, a nostalgic Murthy said, “Turning thirty is a good time to reminisce, reflect and look ahead. Thirty is also time to break new ground.”

This AGM witnessed a lot of happening moments. A lot of investor’s congratulated Murthy and the other board members for their invaluable contribution to the company and making Infosys a globally recognized one.

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Murthy further added, “ The board has inducted two new independent directors - R.Seshasayee and Ravi Venkatesan. We are confident that these two industry stalwarts will bring their experience, expertise and insights to our decision making process on the board.”

He added that the board of directors has appointed K.V.Kamath to be the next chairman of the board, Kris Gopalakrishnan as executive co-chairman and S.D.Shibulal as CEO and MD. These changes will come into effect from August 21, 2011. Kamath will focus on board governance, while Kris will focus on customer employee and investor relations.”

Murthy also lamented over the subpoena received regarding the Visa Issue.

He said, “As I leave the board, I feel sad that Infosys, voted most often as India’s most respected company during the period 1995-2011, had been issued a subpoena by a grand jury in the US on the B-1 visa issue. The issue will be decided on its merits in due course. However, this is the time to continue and even strengthen our well acclaimed and much respected value, communicating the importance of value to every level in the organization.”

Sharing the company’s vision he said, “In keeping with our shift from being a technology solution-provider to a business-transformation-partner for our clients, the board has decided to change the name of the company from Infosys Technologies Limited to Infosys Limited.”

He reiterated, “We are at the threshold of yet another breakthrough in our journey towards adding greater value to our clients. We have consolidated our industry verticals under four heads: financial service and insurance; manufacturing; energy, utilities, communication and services; Retail, consumer packaged goods, logistics and life sciences.”

Murthy concluded the speech by thanking the board for appointing him as Chairman Emeritus. He said, “I will leave the board and the company but I will always be there to add value if asked. Every Infoscian is welcomed to consult me on any matter.”

Adds new directors

In a re-structuring of the board, Infosys also appointed four new board members. The new directors are V. Balakrishnan, chief financial officer; B.G. Srinivas, senior vice president and head, manufacturing; Ashok Vemuri, senior vice president and head, banking and capital markets; and Ann Fudge, former chairman and CEO of Young & Rubicam Brands.