On Saturday, to provide impetus to a string of disappointing quarterly numbers and to propel India's IT major Infosys, the board of the company appointed NM Narayana Murthy as the executive chairman of the company board.
He had earlier resigned as chairman in 2011 and become chairman emeritus of the board. "In a meeting held earlier today, the Board approved appointing Mr. N R Narayana Murthy as Executive Chairman of the Board and Additional Director with effect from June 1, 2013," the company said in a release to the BSE. Murthy gets a five-year tenure with a compensation of Rs 1 per year. K V Kamath would step down from his position as Chairman of the Board and take up the position of Lead Independent Director effective June 1, 2013.
Murthy ‘s core team will include his son Dr Rohan Murty, as Narayana Murthy's executive assistant. Commenting on the development Kamat said, "The Board has taken this step keeping in mind the challenges that the technology industry and the Company faces and in the interest of all stakeholders, particularly shareholders large and small, who have asked for strengthening of the executive leadership during this challenging time.