Infosys chairman says to focus on CEO search, new board and strategy

Infosys Ltd’s new chairman said he would focus on finding a chief executive, reconstituting the board and future strategy, seeking to calm investors rattled by the recent shock exit of the firm’s CEO over a prolonged row with the founders.

I have come in to focus on the future of the company, take the company forward and deal with its challenges, Nandan Nilekani told investors on a call on Friday, adding that he would stay with the IT services company as long as necessary.

Nilekani, one of Infosys’ seven founders and also a former CEO, was named chairman late Thursday as part of a board shakeup aimed at putting to bed a months-long bitter dispute between key founder Narayana Murthy and the board over alleged corporate governance lapses.

Vishal Sikka, the first non-founder CEO of Infosys, stepped down last week blaming Murthy for creating an “untenable atmosphere”, sparking a sell-off in Infosys shares and wiping billions of dollars off the company’s market value.

(REUTERS)