Nandan Nilekani appointed as Infosys Chairman; Vishal Sikka quits board, Seshasayee steps down

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“Nandan Nilekani has been appointed as the non-executive, non-independent director and the chairman of the Board of Directors with immediate affect,” according to Infosys official declaration to BSE, NSE and other international stock exchanges on which it is listed.

 

 

Nandan Nilekani was on Thursday appointed as the Chairman of Infosys, days after Vishal Sikka resigned from the post. The decision in this regard was taken at the meeting of the Board of Directors of Infosys. “Nilekani has been appointed as the non-executive, non-independent director and the chairman of the Board of Directors with immediate effect,” according to Infosys official declaration to BSE, NSE and other international stock exchanges on which it is listed.

The Indian Express first reported about Nilekani’s possible return as Infosys chairman. Nilenaki is the co-founder and former chief executive of Infosys. Read | Vishal Sikka gone, Infosys founders set stage for Nandan Nilekani to lead firm

Talking about his return to Infosys, Nilenai said, “I am happy to return to Infosys, now in the role of non-executive chairman, and look forward to working with my colleagues on the Board and in executive management on the business opportunities we see before us and delivering benefits to our clients, shareholders, employees and communities. I thank Vishal for his service as the CEO of Infosys over the last 3 years and wish him well in his future endeavors.”

He also stated that the Board will actively consider a broad based shareholder consultation process as a critical part of its overall engagement initiatives with all the stakeholders of the Company that are being taken up on a priority basis.

 

Welcoming Nilekani, the outgoing Chairman R. Seshasayee, who stepped down from the Board, said, “Nandan is the ideal leader for Infosys at this stage in the Company’s development. His appointment will allow Infosys to focus on the strategic changes it needs to make in order to capitalize on the attractive opportunities in the years ahead. Under Nandan, Infosys will build a cohesive management team that will no doubt take the Company to a leadership position in the industry. I believe these changes will infuse further confidence to the stakeholders in executing the transition plan and in reinforcing the strategy for the future. I am confident our employees and customers will join me in welcoming Nandan to the Company.”

Also stepping down from the Board, effective immediately, were Vishal Sikka, Prof. Jeffrey Lehman and Prof. John Etchemendy. Sikka, who recently quit as the chairman, said, “Last week I said that my remaining on the Infosys Board was to primarily enable a smooth transition. In Nandan, we have found an ideal leader to manage this transition. I welcome Nandan’s appointment as Chairman to help guide Infosys to new frontiers of success and wish him, Pravin and all Infoscions the very best in the times ahead.”

 

Upon the appointment Nilekani as Chairman, Ravi Venkatesan stepped down from his role as Co-Chairman. He will continue on the Board. Venkatesan, took this opportunity to thank Seshasayee, and stated, “It is a great privilege to have worked with a person of such stature and dignity as Sesh. It has been an honour for the entire Board to be captained by him. His strength of character and his unwavering commitment to the Company is deeply admired by all members who have served alongside him on this Board.”

He further stated “Jeff and John have been invaluable colleagues on the Board, providing guidance and ensuring continuity through the significant changes Infosys has seen during this period. I also thank Vishal for all his contributions including his commitment to facilitate a smooth transition.”

The board has been locked in a dispute for months with the company’s founders, led by former chairman Narayana Murthy, who have accused the directors of governance lapses. The dispute led to the resignation of Vishal Sikka last week.

Sikka, a former SAP executive, who joined Infosys as its first non-founder CEO in 2014, resigned amid what he said were “baseless, malicious and increasingly personal attacks”, sparking a massive sell-off in Infosys’ shares and wiping billions of dollars off its market value.

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