Narayana Murthy, Son to Lead Infosys for Rupee One

Indian tech company Infosys announced Saturday that the company’s Board has appointed N R Narayana Murthy into the Board and executive leadership.

The Board approved appointing Murthy as executive chairman of the Board and additional director with effect from June 1, 2013.

Murthy’s election as a director would be placed for the consideration of the company’s shareholders in the Annual General Meeting (AGM) on June 15, 2013.

Subject to his election as a director at the AGM, the Board will take up in its meeting on June 15, 2013 the resolutions for convening an extraordinary general meeting within the requisite period, in order to seek approval from the shareholders for appointing him as the executive chairman and whole-time director for a period of five years commencing on June 1, 2013.

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K V Kamath would step down from his position as chairman of the Board and take up the position of lead independent director effective June 1, 2013.

During his five-year term, Murthy would draw a token compensation of Rupee One per year, according to the company.

Murthy (pictured above) intends to create the chairman’s office to assist him during his tenure and has requested the Board to permit him to put together a team for this function. The team will include his son, Dr. Rohan Murty, as Narayana Murthy’s executive assistant.

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Rohan Murty is a Junior Fellow in the Society of Fellows at Harvard University. He has a Ph.D. in Computer Science from Harvard University and a Bachelor’s degree in Computer Science from Cornell University and has held fellowships at MIT, Caltech, and Microsoft Research.

Rohan Murty has requested that he should also be paid only a token compensation of Rupee One per year.

According to the company, the Board has agreed to Narayana Murthy’s requests, subject to necessary approvals.

Photo courtesy: Infosys