The company will announce a new chairman to replace founder N R Narayana Murthy, who is due to retire on August 20 when he turns 65. Murthy has been central to Infosys ever since its founding in 1981 and his exit from the $6-billion company will mark a seminal moment.
Murthy had said last year that a suitable successor would be announced well before his retirement. The company has a nominations committee to identify and screen individuals qualified to be part of the Board and the management, which has been discussing possible candidates for some time now. The Board will take a final decision on Saturday. The expectation is that K V Kamath, who transformed ICICI Bank into an aggressive lender and who is now the bank's non-executive chairman, or Gopalakrishnan will succeed Murthy.
It is also expected that Infosys will announce a new CEO. S D Shibulal, one of Infosys's founders and the current chief operating officer, is likely to take over from Gopalakrishnan.
The changes come at a time when the company has lost some of its lustre, not so much because of its own performance, which in many ways remains solid, but because some of its rivals like TCS and Cognizant have performed better. The changes announced today could have a big bearing on whether or not these relative performances change.
Source: www.timesofindia.indiatimes.com
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