Infy raises age limit for executive chairman

Infosys, which brought in co-founder and former CEO N R Narayana Murthy to lead it through hard times on Saturday, went to the extent of increasing its age limit for the position of executive chairman in order to facilitate Murthy’s return.

A company spokesperson said on Monday that the retirement age for the executive chairman was changed by the Infosys board from 60 to 75 years while that for lead independent director was raised to 70 years from 65 years earlier.

“The retirement age for independent directors who joined the company after October 15, 2010, has now been raised to 70. For all executives, including the CEO, the retirement age is unchanged at 60,” the spokesperson added.

Murthy will function as executive chairman for the next five years starting from June 1.
The same day, former ICICI Bank chief K V Kamath stepped down from the chairmanship of the board and took up the position of lead independent director.