Infosys Ltd. (NYSE: INFY) founder N.R. Narayana Murthy is returning to the board as chairman and additional director, the company announced June 1. He takes over from K.V. Kamath, who will step down as chairman.
Murthy’s appointment is subject to approval by shareholders on June 15. Murthy would serve a five-year term drawing token compensation of one rupee per year.
Executive Co-Chairman S. Gopalakrishnan will be re-designated as executive vice chairman and will primarily focus on key client relationships and broader industry issues. S.D. Shibulal will remain as managing director and CEO.
“This calling was sudden, unexpected and most unusual,” Murthy said. “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.”
Murthy founded Infosys in 1981. He served as CEO from 1981 to 2002, and he served as chairman and chief mentor from 1981 to 2011.
Murthy’s son, Rohan Murty, will serve as his executive assistant during the term. Murty has a Ph.D. in computer science from Harvard University and a Bachelor’s degree in computer science from Cornell University. Murty will also take a token salary of one rupee a year.
Infosys, an information technology services firm, posted revenue of $7.40 billion in its fiscal year ended March 31, 2013, an increase of 5.8 percent from the previous year in U.S. dollars.