In a significant development, Infosys founder Narayana Murthy returns from his retirement as chairman emeritus to serve the company once again in the status of its executive chairman to handle the challenges that the company is facing and in the interest of all stakeholders.
K V Kamath, the Chairman of the Board, said in a press release that the Board has taken this step keeping in mind the challenges that the company is facing and in the interest of all stakeholders.
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“Murthy’s entrepreneurial and leadership record and the long experience he has had as a technology pioneer makes him eminently qualified to lead the company and provide strategic direction at this point in time,” he added.
As per the statement Mr Kamath would step down as Chairman of the Board and take up the position of Lead Independent Director. The press release also mentions that during his five year term, Mr Murthy would draw a token compensation of Rs. 1 per year.
Murthy founded Infosys in 1981 and remained its CEO for 21 years. Interestingly, Infosys started working with a mere capital of Rs. 10,000, invested by Murty’s wife Sudha Murthy. At Infosys, he articulated, designed and implemented the global delivery model for IT services outsourcing from India.