India’s second-largest IT services exporter, Infosys, on Friday announced the appointment of R Seshasayee as its new non-executive chairman with immediate effect. He will replace KV Kamath, who has been nominated President of New Development Bank and hence submitted his resignation.
Infosys said, “The board of directors accepted KV Kamath’s resignation from his position as chairman of the board and as an independent director of the company with immediate effect, consequent to his nomination as President of the BRICS New Development Bank.”
Seshasayee, who has been an independent director on the Infosys board since January 2011, becomes the second non-founder, after Kamath,to take up this role. The new Infosys chairman also holds other board positions, such as non-executive vice-chairman of Ashok Leyland and chairman of IndusInd Bank.
Seshasayee’s elevation comes at a time when Infosys is scripting a turnaround strategy under CEO Vishal Sikka. FE, in its edition dated May 12, had indicated that Seshasayee was a strong contender for the post as the company preferred an insider.
Commenting on his appointment, Seshasayee said, “Infosys is an iconic company and I am thankful to Mr Kamath and the Board for entrusting me with this privilege. In order to devote requisite time and attention to this responsibility, it is my intention to substantially disengage from my other current responsibilities in due course. I look forward to working even more closely with the Infosys board and management team as we navigate this period of transformation for the company.”
Kamath, who first took over as chairman in 2011 and again in October, 2014, is stepping down from his position and as an independent director. He will now be heading the $100-billion BRICS bank.
outgoing chairman Kamath said, “I am proud to have served as a member of the Infosys Board and as its chairman. The board has made the most appropriate choice in nominating Mr Seshasayee as my successor, given his vast and varied experience in leading large public companies, and his strong contribution to Infosys, during the last four years of his association. Infosys will benefit greatly from his sagacity.”
“On behalf of all Infoscions, I would like to thank Mr Kamath for his extraordinary contribution to Infosys over the years and wish him the very best. He has been a great mentor to me personally and I look forward to his continued guidance as a well-wisher of this company,” said Sikka, adding, “I warmly welcome Mr Seshasayee’s appointment as chairman. We have a lot to do and I am excited to work with him to accelerate our plans for the future,” he added.
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