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Infosys hires global search firm to identify new CEO & MD

Last Updated 26 August 2017, 19:57 IST

The Board of Infosys, India’s second largest IT services company, has appointed the executive recruitment firm Egon Zehnder to identify a right candidate for the post of CEO & MD.

The decision comes after the newly appointed non-executive chairman of Infosys Nandan Nilekani took charge on Friday.

The move is part of Nilekani’s immediate goal of bringing stability to the company, which was rattled by the resignation of Vishal Sikka as CEO & MD last week.

Creating a long-term governance structure and build a business strategy for growth of the company will be prime on his agenda, Nilekani said.

“We will be looking at talent both inside and outside the company as well as Infosys alumni. We need a candidate who can lead the global company, is proficient in technology and helps company in cultural transformation,” Nilekani told reporters.

Nilekani, who chaired his maiden board meeting after taking over the charge, said he would align with the stakeholders and take forward the desired goals.

Stating that there is no time limit on his stay in the company, he said he would remain on the board as long as it is necessary.

Egon Zehnder will work with the Nominations and Remunerations Committee (NRC) to review and identify the right candidate. Additionally, the NRC will deliberate on the long-term governance structure of the Board and present its recommendations at the meeting of the Board in October, Nilekani said.

“In recent days there has been considerable discussion of the relationship between the Board of Directors of Infosys Limited and N R Narayana Murthy who established the culture and ethos of Infosys, especially its culture of adhering to high corporate governance standards,” Nilekani said.

“The Board believes it to be unfortunate that various differences of opinion have arisen between Murthy and the Board in the recent past. The Board wishes to express that it was not its intention to cause Murthy or any other affected person any personal distress or anguish while stating its point of view,” he added.

Nilekani also said that he has full support of the board of the company.

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(Published 26 August 2017, 19:57 IST)

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