Nandan Nilekani back at Infosys, named as Chairman of Board; R Seshasayee resigns as Chairman

New Delhi, Aug 24: Putting all the speculations to rest, InfosysBSE 2.01 % co-founder and ex-CEO Nandan Nilekani made a comeback as the company’s chairman on Thursday night that also saw R Seshasayee and co-chair Ravi Venkatesan put in their papers. Venkatesan will, however, continue to be an Independent Director.
Vishal Sikka, who resigned after a much-publicised fallout with the founder group, Jeffery S Lehman and John Etchemendy have also quit the Infosys board with immediate effect. Infosys will hold two investor calls tomorrow – at 10 AM and 6 PM – to discuss the announcements.
“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,” Nilekani said in a statement.
Nilekani 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.
UB Pravin Rao, will continue as Interim CEO and MD and the Infosys Board will continue with its earlier stated plan to identify a permanent CEO and MD.
Lehman said he was stepping down as the changes would require additional time demands on independent directors and Echtemendy said he was stepping down to allow new independent directors to help the company on the new path it will undertake.
Given that Sikka’s new contract as executive vice chairman has not yet been executed, the company said the board had decided to complete all resignation formalities as per his employment contract as MD and CEO. (Agencies)