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  Business   Companies  24 Aug 2017  Infosys co-founder Nandan Nilekani returns as Chairman of board

Infosys co-founder Nandan Nilekani returns as Chairman of board

THE ASIAN AGE.
Published : Aug 24, 2017, 8:37 pm IST
Updated : Aug 24, 2017, 9:24 pm IST

The latest development comes amid a high-profile corporate drama that ensued after Vishal Sikka resigned as CEO.

Nilekani's return to Infosys follows the resignation of chairman R Seshasayee, co-chairman Ravi Venkatesan and executive vice-chairman Vishal Sikka. (Photo: Facebook)
 Nilekani's return to Infosys follows the resignation of chairman R Seshasayee, co-chairman Ravi Venkatesan and executive vice-chairman Vishal Sikka. (Photo: Facebook)

Mumbai: Infosys on Thursday appointed Nandan Nilekani, the co-founder and former CEO of the company, as the non-executive chairman of the board.

Nilekani's return to Infosys follows the resignation of chairman R Seshasayee, co-chairman Ravi Venkatesan and executive vice-chairman Vishal Sikka.

Vishal Sikka who quit the company last week as the CEO, but was made vice-chairman till his successor was appointed, also stepped down on Thursday with immediate effect and the resignation was accepted.

Apart from Sikka, Jeffery S Lehman, and John Etchemendy also resigned.

In welcoming Nilekani, outgoing Chairman R. Seshasayee, said, “Nandan is the ideal leader for Infosys at this stage in the Company’s development. His appointment will allow Infosys to focus on the strategic changes it needs to make in order to capitalize on the attractive opportunities in the years ahead".

Vishal Sikka, Jeffery S Lehman and John Etchemendy also welcomed Nilekani to the board.

Ravi Venkatesan will however continue to be on on the board.

The latest development comes amid a high-profile corporate drama that ensued after Vishal Sikka resigned as CEO, citing "malicious attacks". The company board had backed Sikka and lashed out at founder Narayana Murthy for his relentless "assaults" against Sikka.

Founders and founder employees had all been rallying for Nilekani's return to the IT major. Former CFO V Balakrishnan had  favoured bringing in Nandan Nilekani as chairman of the company, saying his experience and understanding of clients made him a "good face" to lead the organisation in this tumultuous situation.

Shares of Infosys on Thursday had surged by nearly 3 per cent on stock exchanges amid reports that co- founder and former CEO Nandan Nilekani may come back to the board of the IT major. 

Immediately after joining, Nilekani stated that the company board will actively consider a "broad based shareholder consultation process" as a significant part of its overall engagement initiatives with all the stakeholders of Infosys.

Nilekani had taken office as CEO of Infosys in March 2002 and served till 2007. He is one of the seven founders of the technology giant. 

Tags: nandan nilekani, infosys chairman, r seshasayee, ravi venkatesan
Location: India, Maharashtra, Mumbai (Bombay)