Chairman Emeritus? No thanks, says NRN

Chairman Emeritus? No thanks, says NRN

Chairman Emeritus? No thanks, says NRN

Steering clear of further controversies following his eventful year-long stint as executive chairman after returning from retirement to salvage his company’s fortunes, IT industry doyen and Infosys co-founder N R Narayana Murthy on Friday turned down the board’s offer to take up the role of Chairman Emeritus.

“I am a person who believes in innovation like Vishal (Sikka). I always keep trying new models, and last time in 2011, I chose to be Chairman Emeritus; this time, I said let me see what it is like to be an average Joe. I am a shareholder. So I will be an average Joe starting today," Murthy said.

Murthy, who co-founded Infosys 33 years ago, will cease to be non-executive chairman with effect from Friday, stated the company in a regulatory filing to the Bombay Stock Exchange on Friday.

The Infosys board accepted Murthy's decision in the interest of the company’s high corporate governance standards and avoid any perceived conflicts of interest.

A good chemistry
On Murthy’s decision, Infosys CEO and MD Vishal Sikka said, “I do have a great chemistry with him; he is a great teacher. I’m going to look for continues advice and guidance from him, he will be forever known as Mister Infosys.”

Infosys will now classify its founders Murthy, Nandan Nilekani, Kris S Gopalakrishnan, S D Shibulal and K Dinesh along with their immediate family members as promoters/promoter group of the company in applicable disclosures with the stock exchanges and regulatory authorities.

After Narayana Murthy and Kris Gopalakrishnan, the last two founders to demit office, Infosys founders will have neither any association with the company nor can exercise any control over the affairs of the company.

As per a company statement, K V Kamath has been elected Chairman of the Board effective October 11.Murthy said it did not make sense to be called promoter when they have no executive role in the firm. “It is as an archaic and outdated concept,” he said.