Narayana Murthy to step down on June 14; son Rohan Murty to exit too

Written by Agencies | Bangalore | Updated: Jun 12 2014, 20:08pm hrs
Narayana Murthy-InfosysInfosys executive chairman N R Narayana Murthy, alomg with executive vice chairman S Gopalakrishnan, would step down on June 14.
Infosys Ltd, India's second-largest IT services exporter, said executive chairman N R Narayana Murthy and executive vice chairman S Gopalakrishnan would step down on June 14.

Murthy will be designated as chairman emeritus from October 11, the company said in a stock market filing on Thursday. the company said the chairman's office would be dissolved.

Rohan Murty, who joined as Narayana Murthy's executive assistant, would leave the company on Saturday, when the company would hold its annual shareholders meeting in Bangalore. The remaining members of the chairmans office will take up other responsibilities in the company.

Infosys has named former SAP AG executive board member Vishal Sikka as Chief Executive Officer, the first time the company has not chosen one of its founders for the role. Sikka will take over from current Chief Executive S.D. Shibulal, one of the seven engineers who founded Infosys in 1981, on August 1, the company said.

At least 11 senior executives left Infosys since June last year when Narayana Murthy was brought back from retirement to try to regain some of the market share lost to rivals including Tata Consultancy Services and Wipro.

The Infosys board announced the following changes:

* N.R. Narayana Murthy and S. Gopalakrishnan will voluntarily step down as Executive Chairman and Executive Vice Chairman, respectively, on June 14, 2014. In order to facilitate a smooth transition of responsibilities, they will continue on the Board till October 10, 2014 as the Non-executive Chairman and Non-executive Vice Chairman, respectively

* K. V. Kamath will become the Non-executive Chairman of the Board on October 11, 2014

* Murthy will be designated as Chairman Emeritus with effect from October 11, 2014 in recognition of his contributions to the company

* S. D. Shibulal will step down as CEO & MD and from the Board on July 31, 2014

* Srinath Batni, whole-time Director of the company, will step down from the Board on July 31, 2014

* In addition, the company has elevated twelve leaders to the position of Executive Vice President with additional responsibilities