NR Narayana Murthy refuses to be Infosys chairman emeritus

Written by fe Bureau | Bangalore | Updated: Oct 11 2014, 20:16pm hrs
MurthyMurthy was scheduled to step down as non-executive chairman and take up the honorary title of chairman emeritus. Reuters
A second surprise was in store at Infosys on Friday with NR Narayana Murthy declaring that he will not assume the role of chairman emeritus, as announced earlier. Murthy was scheduled to step down as non-executive chairman and take up the honorary title of chairman emeritus. But he expressed his desire to be an ordinary shareholder.

A statement by Infosys said: He (Murthy) indicated that in line with the companys high corporate governance standards and to avoid any perceived conflicts, it would not be appropriate for him to be the chairman emeritus of Infosys. Another co-founder, S Gopalakrishnan, will cease to be non-executive vice-chairman from Friday. KV Kamath has been elected chairman of the Board with effect from October 11. Both Murthy and Gopalakrishnan have also sought regulatory guidance, asking not to be classified as promoters in future. According to Murthy, "promoter" is an archaic concept and does not have any role in modern-day corporate governance.

Currently, founders Murthy, Nilekani, Gopalakrishnan, Shibulal and Dinesh, along with their immediate family members, are classified as promoters of the company. With the last two founders, Murthy and Gopalakrishnan, remitting office, the founders have requested the company to seek appropriate classification of their revised status.