Murthy to preside over Infy's AGM, for the last time

N R Narayana Murthy, Infosys founder will preside over the company's annual general meeting (AGM) for the last time tomorrow as he retires on August 20 as the chairman.

hidden June 10, 2011 22:59:33 IST
Murthy to preside over Infy's AGM, for the last time

New Delhi: N R Narayana Murthy, Infosys founder will preside over the company's annual general meeting (AGM) for the last time tomorrow as he retires on August 20 as the chairman.

Tomorrow's meeting is expected to be an emotional affair with Murthy bidding adieu to the company he started with six others with an initial investment of Rs 10,000 in 1981.

Murthy to preside over Infys AGM for the last time

Infosys founder, Narayan Murthy, will preside over the company's AGM for the last time tomorrow . Reuters

Infosys has since then grown to become a $6-billion IT services and consulting company with over 1.3 lakh employees and is now listed on Nasdaq.

Murthy will pass on the baton to K V Kamath, who will be non-executive chairman, and Kris Gopalakrishnan, who will be the co-chairman. The new set of leaders will assume charge on August 21.

Murthy is retiring on August 20 on completion of 65 years of age. He has been named as chairman emeritus.

Current chief operating officer S D Shibulal will also take over as the CEO and MD.

Saturday will also be the last working day for two other Infosys veterans — co-founder K Dinesh and Human Resources Director T V Mohandas Pai. Dinesh had expressed his intention not to seek re-appointment.

Infosys will also reconstitute its board and is expected to induct new members.

Reports suggest that current CFO V Balakrishnan, and BFSI (banking, financial services and insurance) vertical head Ashok Vemuri could be inducted on board.

In May, Murthy had written an emotional letter to Infosys' shareholders. "The best analogy that I can think of for this separation between Infosys and me is that of one's daughter getting married and leaving her parents' home," he had said.

"Infosys is an inseparable part of me and I am an inseparable part of Infosys," he had added.

PTI

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