Bangalore: NR Narayana Murthy has turned down the offer to become Infosys' chairman emeritus saying he wants to avoid conflicts at the firm he co-founded 33 years ago.
Mr Murthy, 68, will cease to be the non-executive chairman with effect from today.
He had indicated to the board that in line with the company's high corporate governance standards and to avoid any perceived conflicts, it would not be appropriate for him to be the chairman emeritus of Infosys. The board has accepted Mr Murthy's decision.
"I am a person who believes in innovation like Vishal. I always keep trying new models and last time in 2011, I chose to be chairman emeritus and this time I said let me see what it is like to be an average Joe. I am a shareholder. So I will be an average Joe starting today," Mr Murthy said.
The company is also seeking regulatory guidance on appropriate classification of the founders and their family's share in the company (classified as promoters).
After Murthy's and S Gopalakrishnan's exit from Infosys, the founders don't have any association with the company nor they exercise any control over the affairs of the company.
"The founders have therefore requested to seek appropriate classification of their revised statuses," Infosys said in a statement.
Mr Murthy also said it did not make sense to be called 'promoter' when they have no executive role in the firm. He said it's an "archaic and outdated concept".
"It is predominantly an Indian concept, it's not part of the parlance discussions on modern corporate governance. Therefore, we said it doesn't make sense." he added.
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