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Infosys co-founders led by N R Narayana Murthy today had their way as they got their peer Nandan Nilekani appointed the chairman of the IT major in place of R Seshasayee, who quit under their pressure. [caption id=“attachment_3972199” align=“alignleft” width=“380”]
Nandan Nilekani.[/caption] Nilekani, 62, who was CEO of the company between 2002 and 2007 and is credited as the architect of the world’s largest biometric ID card programme Aadhaar, will takeover as Chairman of Infosys with immediate effect, the company said in a statement. Co-chairman Ravi Venkatesan has also resigned, although he would continue as an independent director. Two other independent directors – Jeffery S Lehman and John Etchemendy – also quit the Infosys board with immediate effect. The resignations brought about a near-complete overhaul of the 9-member Infosys board, meeting key and persistent demands of the founders led by Murthy. PTI
As it happened: Nandan Nilekani returns to Infosys, first media briefing, investor meet
Nandan Nilekani has been called in to steer Infosys after chairman R Seshasayee and three other directors quit, meeting the key demand of founder group led by NR Narayana Murthy
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Nandan Nilekani concludes the press conference.
No more details than the investor call that happened in the morning.
Here is a summary:
Goal is to build consensus, bring stability to the company.
Infosys board never wanted to cause anguish to founder NR Narayana Murthy
Will get full briefing on investigations into alleged wrongdoing in $200 mn buyout of Panaya.
Will take feedback from small and big investors on corporate governance issues at Infosys.
Represents 100 pc shareholders; has record of doing things in different environments, consensus building.
Nandan Nilekani says I wouldn’t run the company based on Twitter, TV comments
Nandan Nilekani stalls all questions related to the recent controversies.
He expects Prahlad and Ravi Venkatesan to do a great deal of heavy lifting.
“I won’t run this company based on comments from Twitter and TV channels,” he says.
Is everything hunky-dory with the company? Yes, Nandan Nilekani reiterates
Another reporter asks: Is everything hunky-dory at Infosys now?
Nilekani just says, “Yes”. Repeats it after a while, “Yes”.
Nandan Nilekani says I believe I am here not because I am a co-founder
Nilekani says he represents all the stakeholders.
“I would like to think that I am here not just because I am a co-founder,” says Nilekani.
He reiterates he will be here as long as required.
Nandan Nilekani says disagreements between board and Narayana Murthy unfortunate
Nilekani reads out the press release. He says it is unfortunate that there were disagreements between the board and co-founder Narayana Murthy.
The board did not intent to cause any personal distress or anguish, he says.
Nilekani to get a briefing on recent forensic audit of all issues, including the Panaya acquisition.
Nandan Nilekani says the board to take stock of company’s initiatives in 6 weeks
Nilekani says the new board will take stock of the company’s steps in six weeks. A strategic framework will put in place.
First board meeting chaired by Nandan Nilekani happened today
A bit more details may come forth in this press meet.
“We had a board meeting from 4 to 5. I will update to about you about the developments today once the release about the board meeting comes,” he says.
Nandan Nilekani says he represents all stakeholders, will take company forward
Nandan Nilekani narrates the sequence of events at the board meeting that happened on Thursday.
I am here because there is nobody else, he jokes.
He goes on to say that he represents all, including the shareholders and board members. He promises to take the company forward.
Reboot is over, now it is time to rebuild and repair, says Bloomberg column
Meanwhile, a Bloomberg column said Infosys with the latest change, the reboot of the company is over. Now it is time to rebuild and repair.
“As the board is further revamped, the Bangalore-based software services company will complete the correction of its corrupted code,” columnist Andy Mukherjee said.
Alumni Ashok Vemuri, BG Srinivas, Mohandas Pai can be potential CEO candidates
Former Infoscions may well have a shot at clinching the top job as Infosys CEO, with the company looking at “alumni” along with internal and external candidates in its global search for the lead role.
Nilekani earlier in the day told investors that Infosys was going to “cast a very wide net” globally to get the best talent onboard.
“We are looking at internal candidates, external candidates and Infosys alumni,” he said. Nilekani added there are Infoscions, who have left the company and have “charted their own success stories”.
“We have an open mind. It will be a global search… The goal is to find somebody who has the expertise in managing a global corporation, who can accelerate the execution of our strategy and has strong appreciation of the cultural transformation that is required,” he said.
With Infosys now looking at alumni as well, the contenders could include names like V Balakrishnan (ex-CFO), Mohandas Pai (former CFO and HR Head), Ashok Vemuri (former Americas Head and Board member) and B G Srinivas (former President).
However, Balakrsihnan told CNBC-TV18 today that he is not looking to return to Infosys.
With inputs from PTI
Nandan Nilekani tweets on his return to company: Life has come full circle
Nandan Nilekani is about to address the media in a short while.
Here is a recap of his key statements in the morning’s investor call:
As Infosys Non-executive Chairman, my role will be oversight, governance and functioning, help with CEO search
I am an admirer of N R Narayana Murthy, will ensure Infosys, Murthy and other founders have a healthy relationship
Too premature for me to comment on Infosys’ strategy, guidance and earnings; committed to highest standards of corporate governance
Will unveil more strategy details in October, want to bring complete stability and have no discordant voices at Infosys
On risk of class action lawsuits: Legal teams will look into those, there will be things of that nature, our focus is on business
Will take stock of current board composition, suitable structure needed six months from now; there will be a systematic search for new members
Earlier in the day, Nilekani tweeted that with his return to the company his life has come full circle.
V Balakrishnan on CEO post: Do not want to return, there are many eligible alumni
V Balakrishnan tells CNBC-TV18 that there are many Infosys alumni who are potential candidates for the CEO post.
“I see a lot of eligible alumni, who can fill in the post of CEO,” Balakrishnan told the TV channel.
He, however, says he will not return to Infosys.
He reiterates his position that Sikka’s exit was not at all linked to Murthy.
Nandan Nilekani promises to focus is on the future
As concluding remarks, Nilekani thanks everybody, from investors to the board.
“I am very grateful to the board who unanimously decided to bring me back,” he says again.
He promises single minded focus on the future of the company.
“My focus is on the future,” he reassures.
Nandan Nilekani ‘very conficdent Aadhaar will come out with flying colours’
Meanwhile, one analyst asks about the Supreme Court’s order on Thursday declaring Right to Privacy as a fundamental right.
“It is a superb decision,” he says stressing on the reasonable restrictions part.
“I am very conficdent that Aadhaar will come out with flying colours,” he says.
Nandan Nilekani on press release about Narayana Murthy: Will take stock of everything
One of the analysts asks whether the Infosys will take back the press release that accused Narayana Murthy of continuous assault on Sikka.
“I am going to take stock of everything,” Nilekani says. He is not ready to take any question on any of the recent developments. “Don’t put words into my mouth,” he snaps as the analyst insists with the question.
Nandan Nilekani says will look for the best CEO, alumni too will be considered
On CEO search, Nilekani assures that he wants the best person to be brought in.
He also said the Infosys alumni, those who exited, will also be considered while searching for the CEO.
A few eminent Infosys veterans such as Ashok Vemuri and BG Srinivas has left the company after Vishal Sikka joined in 2014.
Nandan Nilekani says that there is no change in capital allocation
Nilekani asks MD Ranganath to help with the question on buyback.
Ranganath assures that there is no change in the share buyback.
“There is no cange in capital allocation policy,” Nilekani chips in.
Nandan Nilekani says he is looking at all issues dispassionately
Nilekani says he will look at all the issues, including that related to corporate governance, dispassionately.
Nandan Nilekani hopes to build on his consensus building abilities
Nandan Nilekani says he hopes to build on his consensus building abilities.
He invokes the his Aadhaar experience. “I have been a consensus builder all through the life.”
He says the Aadhaar, which was rolled out during the UPA, is being carried forward by the next NDA. This shows how good he is at building consensus, he said.
Nandan Nilekani to unveil new, updated strategy in October
In reply to a question on the way forward, Nandan Nilekani said he will unveil a new and updated strategy for Indfosys in October.
“I am abreast of all technological changes that have happened recenlty,” he said. However, he aked for time until October to give details of the company’s strategy.
Nandan Nilekani lists out his tasks, from stability to strategy
To a question, Nandan Nilekani lists out his tasks ahead.
First one is to restore stability to the company, by ensuring there are no discordant notes.
Secondly he will focus on energy to further the business. Thirdly, the help with the CEO search. Fourthly, the board reconstitution.
Nandan Nilekani says he will take all steps required to take the company forward
Nandan Nilekani assures the investors that he will take all steps required. He too has his focus on corporate governance.
“We will take this forward properly,” Nilekani says.
Nandan Nilekani assures he will remain for as long as required
Nandan Nilkani has assured that he will reamin as the non-executive chairman as long as required. “There are tasks to be accomplished,” he said.
However, he also said he will not stay back more than required.
Nandan Nilekani says Narayana Murthy father of corporate governance in India
Nandan Nilekani heaps praises on NR Narayana Murthy.
“I am a big admirer of Narayana Murthy. I think you can think of him as father of corporate governance in India,” he says.
Nandan Nilekani says his responsibility is to find a CEO for the company
Nandan Nilekani starts the investor call.
Says his reponsibility is to find a CEO. However, he says he would not speak on the projections. He is happy that there is a universal acceptance of his returning to the company.
Former Infosys CEO V Balakrishnan speaks to CNBC TV18