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  Business   Companies  25 Aug 2017  Will restore Infosys board-founders relationship: Nilekani

Will restore Infosys board-founders relationship: Nilekani

Published : Aug 25, 2017, 11:23 am IST
Updated : Aug 25, 2017, 11:42 am IST

Former MD and CEO was on Thursday named as non-executive chairman to steer Infosys out of mess.

Nandan Nilekani has assumed a new role at Infosys to steer the company away from troubled waters. (Photo: File)
 Nandan Nilekani has assumed a new role at Infosys to steer the company away from troubled waters. (Photo: File)

Mumbai: A day after he was named as non-executive chairman and non-executive director of Infosys, former MD and CEO Nandan Nilekani has said he admires co-founder Narayana Murthy very much.

"I am an admirer of N R Narayana Murthy, will ensure Infosys, Murthy and other founders have a healthy relationship," Nilekani said on Friday while assuming the new role at the troubled company. Founded in 1981, Infosys is now estimated to be a Rs 64,000 crore or $10 billion worth information technology behemoth.

Nilekani adds his job at Infosys as non-executive chairman will be of oversight, corporate governance and functioning. He added right now it was too premature for him to comment on Infosys' strategy, guidance and earnings. However, he said he was committed to highest standards of corporate governance, which was questioned by Murthy and other co-founders when Sikka was CEO.

About his take on present board structure and whether he plans a rejig of the board of directors, Nilekani said he will take stock of current board composition and do it in a time-bound manner. "Suitable structure needed six months from now. There will be a systematic search for new members," he said.

Nilekani categorically denied there will be any looking back on share buyback scheme. "There will be no change in the capital allocation policy and share buyback of the company," he added.

Nilekani did not elaborate as to what strategy he will deploy in taking the embattled $10-billion IT behemoth out of the mess which was a result of months long tussle between founders and the Infosys board.

"Will unveil more strategy details in October, want to bring complete stability and have no discordant voices at Infosys," news agency PTI quoted him as saying. On risk of class action lawsuits, he says legal teams will look into those, there will be things of that nature, our focus is on business.

Tags: nandan nilekani, inofsys, narayana murthy, vishal sikka
Location: India, Maharashtra, Mumbai (Bombay)