Infosys Founder N. R. Narayana Murthy, on Friday, said he would not continue as the Chairman Emeritus of Infosys, which he, along with other six, founded 33 years ago. Turning down the offer from the board, Mr. Murthy said he wanted to avoid conflicts and maintain corporate governance standards at the firm.
Mr. Murthy would step down from the role of non-Executive Chairman with effect from Friday.
The board has accepted Mr. Murthy’s decision, and thanked him for his vision, leadership and guidance in making Infosys a global company, the company said in a statement to the BSE.
When asked about Mr. Murthy’s decision, Infosys CEO and Managing Director Vishal Sikka said, “I do have a great chemistry with him; he is a great teacher. I’m going to look for advice and guidance from him; he will be forever known as Mister Infosys…”
With the stepping down of Mr. Murthy, K. V. Kamath has been elected as the Chairman of the board, effective October 11.
The company has classified its founders Mr. Murthy, Nandan Nilekani, Kris Gopalakrishnan, S. D. Shibulal and K. Dinesh, along with other immediate family members, as promoters/ promoter group.
“With the last two founders, Mr. Murthy and Mr. Gopalakrishnan demitting office, the founders have neither association with the company nor exercise any control over the affairs of the company after the current date,” the statement adds.
The founders have, therefore, requested the company to seek classification of their revised status. Infosys is in the process of seeking appropriate regulatory guidance on the same.
