Murthy returns to active duty at Infosys, son in tow

01st June 2013
Murthy returns to active duty at Infosys, son in tow
Murthy and son... at Infosys

Bangalore, June 1, 2013: In surprise announcement today, India-based global IT services leader Infosys recalled its co-founder N R Narayana Murthy out of semi retirement, to active duty as as Executive Chairman of the Board and Additional Director with effect from June 1, 2013. What is more, he has been allowed to hire his own son Rohan, a Ph.D. in Computer Science from Harvard University as his executive assistant. To facilitate the move, K V Kamath would step down from his position as Chairman of the Board and take up a position as Lead Independent Director.
Says Murthy "This calling was sudden, unexpected, and most unusual. But, then, Infosys is my middle child. Therefore, I have put aside my plans-in-progress and accepted this responsibility. I am grateful to Mr. K V Kamath – the Chairman, the Board, and every Infoscion for giving me this opportunity. I intend to do my best to add value to the Company in this challenging situation."
The challenge is apparently the somewhat less than spectacular performance of Infosys in a last few quarters – a trend accentuated by the news only days ago that company had ceded its long time No. 2 position among Indian IT services  entities to Cognizant.  (TCS is no. 1)
During his five year term, Mr. Murthy would draw a token compensation of Rupee One per year.
Aming other changes S ( “Kris”) Gopalakrishnan would be re-designated Executive Vice Chairman effective June 1, 2013 and would primarily focus on key client relationships and broader industry issues. S D Shibulal would continue to be the Managing Director and CEO.They too wil draw a compensation of Rupee One per year.
Nasscom has said in a statement: Mr. Murthy is an iconic leader who has played a key role to shape the Indian technology industry and we welcome him in his role as Executive Chairman, Infosys. His guidance and strategic insights to Infosys as well as for the industry would be valuable as the industry focuses on its next phase of evolution and growth.