Have Fulfilled Mandates Given by Infosys Board: Narayana Murthy

Set to wrap up his second innings, Infosys co-founder N R Narayana Murthy on Thursday said he has fulfilled mandates given to him by the company's board and now plans to spend time with his grandchildren and read books. "When the Board of Directors at Infosys requested me to come back last year they gave me two mandates, one - to assist them in finding an excellent successor to (CEO S D) Shibulal," he said.. (Read: Vishal Sikka means lots of Money: Narayana Murthy). "The second mandate they gave me was to create a strong foundation for future growth of the company. I believe by and large I have fulfilled both of these obligations.". Infosys on Thursday undertook a major shake-up bringing in for the first time an outsider, former SAP board member Vishal Sikka, as CEO and announcing that mentor N R Narayana Murthy and his son Rohan will step down four years ahead of their tenure. Announcing the big shakeup at the top echelon, Mr Murthy, who will step down as executive chairman on June 14, said, "first having Vishal on board is truly a wonderful culmination to the effort that the nomination committee started two months ago, that completes my first responsibility." "On the second responsibility - as I said last year at the AGM on June 15, 2013 - we need 36 months to yield results; we have started several initiatives on sales effectiveness, on improving software delivery effectiveness and on cost optimisation. We have done several things....and therefore I believe that I have brought this second mandate to a shape." "Therefore I have the satisfaction that to the best of my ability I have fulfilled both the mandates that board members had requested me, that's how I believe this is the appropriate time (for exit)," Mr Murthy further said. Mr Murthy has been designated as chairman emeritus with effect from October 11, 2014. Stating that the title of chairman emeritus is just recognition, Mr Murthy said, "Other than the title I will have no responsibility, no authority and no obligation at all to Infosys." About his plans for the future, Mr Murthy said, "At this point of time my first priority is to spend time with my wonderful grandchildren - one is three and other is one and a half, both are granddaughters." "I want to spend time with family and hopefully I would read few more books on Computer Science, Electrical Engineering, Physics and Mathematics." Asked whether the company should have thought about non-founder CEO much earlier and has Infosys leadership institute has failed because of external CEO, he said, "I believe every choice (for CEO) that we made was a best choice under the circumstances... I have no hesitation in saying that." "I think the leadership institute has done a wonderful job, based on the contribution of leadership institute we have 585 leaders in this company... It has played a key role in shaping the future of the company," Mr Murthy said. Mr Murthy, who first retired in 2011, was called back in June last year to head the firm and put it back on a high-growth trajectory when peers Tata Constancy Services (TCS) and HCL Tech were outperforming Infosys. Upon his return, he set up the executive chairman's office and inducted his son, Rohan, as executive assistant. The office will now be dissolved and Rohan will exit the Bangalore-based company. Infosys was set up in 1981 by Mr Murthy and his friends, including S Gopalakrishnan, Nandan Nilekani and S D Shibulal, with a few hundred dollars. Since then, the company has grown to become an over $8 billion entity and till a few quarters ago, was considered the IT bellwether in India.

Have Fulfilled Mandates Given by Infosys Board: Narayana Murthy

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