Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

KV Kamath, President of the new $100-billion BRICS Bank has given up his position as non-executive chairman at <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword>. Ashok Leyland Vice-Chairman <keyword id="484178" type="PERSON" weightage="80" keywordseo="R-Seshasayee">R Seshasayee</keyword> is set to take his place. 
 
Kamath replaced founder NR Narayana Murthy as the company's chairman in August 2011. He has played a crucial role in the succession planning in the company since he took over. 
 "The Board of Directors accepted <keyword id="2885458" type="UNKNOWN" weightage="80" keywordseo="K-V-Kamath">K.V. Kamath</keyword>'s resignation from his position as Chairman of the Board and as an Independent Director of the Company with immediate effect, consequent to his nomination as the President of the <keyword id="2421583" type="UNKNOWN" weightage="60" keywordseo="BRICS-New-Development-Bank">BRICS New Development Bank</keyword>," Infosys has reported in an filing to the exchanges. 
 
Seshasayee’s appointment would be effective immediately. 
 
(Image credit: Indiatimes)

Chairman KV Kamath quits Infosys. R Seshasayee to take over

We are in the midst of tremendous changes in the IT industry as new technologies and new ideas are disrupting traditional business models, <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>' non-executive chairman <keyword id="2912855" type="PERSON" weightage="100" keywordseo="R-Seshasayee">R. Seshasayee</keyword> said on Monday. 
 "Chief Executive, <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> and his management team have articulated a clear strategy to exploit these emerging opportunities," he told investors at the company's 34th annual general meeting. Seshasayee, 67, who took over the top post on June 5 from K.V. Kamath, has been an independent director of the global software major since January 2011 and its audit committee chairman. 

	"The board fully supports the strategic direction taken by the new management and we are confident of desired outcomes in the coming years," Seshasayee said in his first address to about 1,000 investors at a college auditorium in the city. 
	 
	 

	Acknowledging the efforts of the 1.76-lakh employees in shaping and growing the $8.7-billion company, the chairman said their dedication, hard work and sense of values had differentiated the company from others. 
	 
	 

	Noting that 2014-15 was a landmark year for the outsourcing firm during which three of the seven co-founders bid farewell and Sikka became the first non-founder executive, he said their vision, selfless efforts and fundamental values to build an institution had become the country's pride. 
 

	"The board of this company was chaired by two iconic leaders - co-founder N.R. Narayana Murthy and Kamath, who had set very high benchmarks in corporate governance and shareholder value creation," he .. 

	Kamath stepped down from the top post following his nomination as president of the $50-billion BRICS' development bank at Shanghai, 
 

	"Kamath has been a great source of guidance to all of on the board, bringing clarity of purpose and speed in execution, which helped in steering the troubled company through a time of change," Seshesayee noted. 
 Besides, Murthy, who was chairman, vice-chairman <keyword id="2913155" type="UNKNOWN" weightage="40" keywordseo="S-Gopalakrishnan">S.Gopalakrishnan</keyword> and chief executive S.D. Shibulal were the three co-founders who relinquished their executive posts in October and July last fiscal. The other four are <keyword id="44604" type="PERSON" weightage="60" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword>, N.S. Raghavan, K. Dinesh and <keyword id="336044" type="PERSON" weightage="40" keywordseo="Ashok-Arora">Ashok Arora</keyword>. 

	Though Raghavan retired in 2000 as joint managing director, and Arora, who was on the board till 1989, left for the US later, four co-founders steered the company from a $100 million to $8.7-billion IT behemoth as successive chief executives, with Shibulal being the last. 
 Nilekani, who was chief executive from 2002-07, quit the company as co-chairman in 2009 on becoming chairman of the <keyword id="86474" type="ORGANIZATION" weightage="40" keywordseo="Unique-Identification-Authority-of-India">Unique Identification Authority of India</keyword> ( UIDAI), which issues Aadhaar card to citizens. 

	Dinesh retired in 2011 as the company's head of quality, information systems and the communication design group. 

	 
	 
	(image credits: infosys)

2014-15 landmark year for Infosys: R. Seshasayee

<keyword id="6354955" type="PERSON" weightage="20" keywordseo="Kumar-mangalam-birla">Kumar Mangalam Birla</keyword>, chairman of the <keyword id="44373" type="CITY" weightage="20" keywordseo="Aditya-Birla-Group">Aditya Birla Group</keyword> has been shortlisted for the post of chairman of the Indian Institute of Management, Ahmedabad. 
 Among the other people nominated for the post are <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> Chairman <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> and <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> Chairman <keyword id="484178" type="PERSON" weightage="20" keywordseo="R-Seshasayee">R Seshasayee</keyword> as well. The names have been forwarded to the ministry for approval, a top official told the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. 
 In January this year, L&amp;T Chairman AM <keyword id="50744" type="PERSON" weightage="20" keywordseo="Naik">Naik</keyword> who was earlier holding this post had stepped down. In March, the institute had named <keyword id="63358" type="PERSON" weightage="20" keywordseo="Cadila-Healthcare">Cadila Healthcare</keyword> Chairman <keyword id="135342" type="PERSON" weightage="20" keywordseo="Pankaj-Patel">Pankaj Patel</keyword> as interim chairman.

IIM-A shortlisted K M Birla for
the post of chairman

<keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> is all set to get a new Chairman in place of <keyword id="396965" type="ORGANIZATION" weightage="80" keywordseo="KV-Kamath">KV Kamath</keyword>, who is taking over the new role as president of BRICS Bank. 
 
On the condition of anonymity, two people familiar with the development said that while Infosys would evaluate external and internal candidates to replace Kamath, it was expected that the conglomerate would name board member R Seshasayee as interim non-executive chairman. 
 
They added that name of the successor would be finalised within two to three weeks. 
 
Economic Times first reported that Infosys had begun hunting for its next chairman and may appoint either Seshasayee, executive vice chairman at Ashok Leyland, or former Microsoft India chairman Ravi Venkatesan as interim chairman to oversee the transition. 
 
Seshasayee, who started his career with Hindustan Lever in 1971 and joined Ashok Leyland in 1976, joined Infosys' board in 2011. He became executive director of Ashok Leyland in 1983 and managing director in 1998. He has also been the chairman of IndusInd Bank since 2007. 
 
"Seshasayee is the most likely candidate to be selected as interim non-executive chairman, given his experience and the fact that he is among the senior-most people on the board," one of the sources told ET. 
 
The person added that it was likely that Infosys would opt for an interim non-executive chairman for now. “Ideally the company would like to have a chairman in place before the AGM (on June 22)," this person said. 
 
Infosys' nominations committee, which identifies and evaluates candidates for various director positions, has the authority to identify and evaluate candidates to replace Kamath. 
 
Besides Kamath, the committee includes board veteran Jeffrey Sean Lehman, Biocon founder Kiran Mazumdar-Shaw and Seshasayee. Technically, a member of the nominations committee can be considered for the position of chairman, the sources said. 
 
Sources told the financial daily that chief executive Vishal Sikka along with Kamath will also explore appointing an external candidate as the next chairman. 
 "Infosys ideally wants the next chairman to have a profile similar to founder NR <keyword id="6355623" type="PERSON" weightage="80" keywordseo="Narayana-Murthy">Narayana Murthy</keyword> or Kamath. That person could come either from within the board or outside Infosys," the second source told ET. 
 
Kamath helped ICICI Bank become a savvy, next-generation lender. He first replaced Murthy as Infosys' chairman in August 2011 and played a vital role in succession planning at the company. 
 
"Infosys needs (a chairman) with experience in institution building. Right now the company is undergoing a serious transition and a lot of changes are taking place under the new CEO. So Infosys needs to pick someone who can be a good sounding board to Sikka," Kavil Ramachandran, executive director, Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business, told ET. 
 
Ramachandran said it should ideally be someone who Sikka respects and will not be seen a roadblock and also who knows the company well and values the ethos of the founders. 
 
During past five years, Infosys’ chairmanship changed as many as four times. Following two lacklustre years under co-founder SD Shibulal, the company's board brought back Murthy as executive chairman in June 2013 and Kamath moved out of his non-executive role. 
 
After the company appointed Sikka as its first non-founder CEO in August 2014, Murthy stepped down from his executive chairman role and Kamath took over again. 
 
(Image: Indiatimes)

Seshasayee likely to be interim chairman while search for Kamath’s successor continues

Country's second largest software services firm <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> announced the appointment of <keyword id="4715674" type="UNKNOWN" weightage="100" keywordseo="d-sundaram">D Sundaram</keyword> as an independent director with effect from July 14, according to PTI news report. The appointment is based on the recommendations of the Nomination and Remuneration Committee of the Board, Infosys said in a statement. <keyword id="120337" type="COMPANY" weightage="20" keywordseo="Sundaram">Sundaram</keyword> is currently the Vice Chairman and MD of TVS Capital Funds Ltd. He joined Unilever Group in 1975 and has served in various leadership capacities in Unilever Group in a career spanning over 34 years. "He (Sundaram) brings extensive experience in the field of finance and strategy execution," Infosys Chairman <keyword id="484178" type="PERSON" weightage="20" keywordseo="R-Seshasayee">R Seshasayee</keyword> said. Other independent directors on Infosys Board include Prof John W Etchemendy (<keyword id="101399" type="ORGANIZATION" weightage="20" keywordseo="Stanford-University">Stanford University</keyword>'s Provost), Roopa Kudva (former MD and CEO, Crisil), Dr Punita Kumar-Sinha (former Senior MD of Blackstone) and Jeffrey Sean Lehman (vice chancellor of <keyword id="4716260" type="UNKNOWN" weightage="20" keywordseo="nyu-shanghai">NYU Shanghai</keyword>). Ravi Venkatesan (former Microsoft India Chairman), Kiran Mazumdar-Shaw (Chairperson and MD of <keyword id="6358361" type="CITY" weightage="20" keywordseo="Biocon">Biocon</keyword>) and D N Prahlad (CEO of <keyword id="4716261" type="UNKNOWN" weightage="20" keywordseo="surya-software-systems">Surya Software Systems</keyword>) are also on Infosys' Board as independent directors.

Infosys appoints D Sundaram as independent director

Rift between the founders and the management board in <a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys </a>has been widening since more than one year now. The two sides are at loggerheads over the large severance paid to former <a href="http://www.businessinsider.in/searchresult.cms?query=rajiv+bansal&amp;sortorder=effectivedate">CEO Rajiv Bansal</a>, disclosed in 2016, and<a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate"> CEO Vishal Sikka</a> ($11million). 
 
The founders are upset and as per several media reports, some promoters were also upset with the appointment of Punita Kumar-Sinha, an investment banker and wife of Union minister Jayant Sinha, as an independent director. 
 However, the main reason behind the dispute is governance issue and “violation of core <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> values”. 
 
ET reported some of the founders have held the board responsible for what they perceive to be its inability to enforce governance norms. In July 2016, one of Infosys' prominent promoters reached out to a top legal professional in Mumbai. 
 The agenda: to hunt for a co-chairman for Infosys. This, despite the fact that <keyword id="484178" type="PERSON" weightage="20" keywordseo="R-Seshasayee">R Seshasayee</keyword> had been serving as Infosys non-executive chairman for just a year, since his appointment in June 2015. 
 
"The idea was to look for someone who understood core values of Infosys,” an executive told ET. 
 
A few names were thrown up as candidates, including a former Infosys finance hotshot and a retired founder. But the idea fizzled out as Seshasayee stepped down on July 28 as non-executive vice-chairman of Ashok Leyland - a post he had held since 2011- to focus on Infosys. 
 
Industry experts told ET the situation is not yet past the point of no return. "The end goal is the promoters, the board and the management should be aligned. I don't think the situation is irredeemable. If the founders air their problems, this could still be resolved. This isn't like the Tata case,” Shriram Subramanian, MD of shareholder advisory firm InGovern, told ET. 
 
Meanwhile, efforts are going on resolve the dispute. ET quoted two people saying among those involved is a prominent investor in the company - Baburaj Pillai. 
 
Reports of disputes over "internal governance issues, between some of the company's founders and a management keen on charting a new path have spurred efforts to broker peace by the Singapore-based fund manager as well as other influential people, said the sources cited above. 
 
Pillai, the founder of investment firm Arohi Capital, met with co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=narayana+murthy&amp;sortorder=effectivedate">NR Narayana Murthy </a>and chief executive officer <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> late last year, according to people aware of the talks. 
 
"Pillai met with both of them to try and create common ground. He does not want Sikka to be forced to leave and he also does not want Murthy to feel as though his voice is not important,” one of the people aware of the discussions told ET. 
 
"With regard to concerns on governance being discussed in the media, we would like to reiterate that all decisions have been made bona fide, in the overall interest of the company, and that full disclosures have already been made thereon,” Infosys told ET in a statement.

Trouble is brewing between Infosys founders and board. Here’s everything you should know

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>, the Indian multinational corporation dealing in software, IT and business consulting, is thinking of adding at least two new members to its eight-member board in the coming six months. Infosys has always maintained a lean-board strategy, with not more than two executive directors, so as to ensure faster decision-making. 
 
After the exit of former ICICI Bank chairman KV Kamath and Carol M Browner, the company is eager to fill the vacant posts. Candidates experienced in financial services, government regulations and technology are the need of the hour for India's second largest software exporter. 
 In the meantime, <keyword id="369460" type="PERSON" weightage="100" keywordseo="Jeffrey-Sean-Lehman">Jeffrey Sean Lehman</keyword>, who is a veteran of the <keyword id="675648" type="UNKNOWN" weightage="100" keywordseo="Infosys-Board">Infosys board</keyword> and serves as the vice chancellor of NYU Shanghai, has got an extension for at least another year. Lehman’s term was to expire in 2016. 
 
"Infosys is committed to building a board with members that have diverse experiences and dynamic leadership skills. The nominations committee of the Infosys Board identifies and reviews suitable candidates who bring with them global experience and insights that enrich the quality of our board meetings and add to our strategic vision as we plan the next-generation services company," R Seshasayee, the non-executive chairman of the board, told ET. 
 
<a href="http://poetsandquants.com/wp-content/uploads/2014/02/10379313-54b8-4448-b3fa-367be8ac368bInfosys.jpg">Image source</a>

Infosys board to see 2 new members soon!

With the month of appraisals ahead, the recent crisis in Infosys isn’t really going down well with the employees. India's second-largest software services exporter has already come under criticism after CEO Vishal Sikka got a hike of 55%. The co founder and IT veteran of the country Narayana Murthy as well as other promoters aren’t content with the present management and have called for an overhaul of the board. 
 
Sikka’s compensation hike that rose to$11 million a year from $7.08 million has made the CEO compensation to median employee remuneration ratio to 935.38 times. 
 
"People are happy with Vishal Sikka but not with his salary,” a Pune-based employee told The Economic Times. 
"Infosys hasn't raised visa requests for the system engineers and senior system engineers. There is a general sense that promotions will be halted or delayed by using these governance issues and results as an excuse,” ET learnt from another employee. 
 
Murthy, in an interview to ET, questioned the actions of Infosys Chairman R Seshasayee and independent director Jeffrey Lehman. 
 
On Thursday, Sikka wrote to employees asking them not to be distracted by speculation about the company's commitment to governance, integrity and values, and highlighted the improvements the company has made in his tenure. Also the recent murder case at Infy’s Pune campus has dented the reputation of the IT exporter to some level.

Infosys employees in stress:
Promotions and Increments may take a hit

Infosys’ R Seshasayee, Vishal Sikka say ‘no battle between board and promoters’. Here are 10 highlights from their speech

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> CEO <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> conceded that the company’s performance was below expectations in FY15 but said that it was on track for better performance this year, during the 34 th Annual General Meeting (AGM) of the company. 
 
"I think we still have a long way to go. My sense is that by next year in FY17, we will get to industry-leading growth," Sikka told reporters. 
 Meanwhile, NR <keyword id="6355623" type="PERSON" weightage="100" keywordseo="Narayana-Murthy">Narayana Murthy</keyword> lauded Sikka for his stewardship of Infosys as its first nonfounder CEO, and ruled out another encore by returning to a company he founded with six others in 1981. 
 
"I wish (Sikka) the best for the future. I'm extremely happy and I think he's a great leader. He has aspirational targets. We should all support him, we should all pray that he succeeds," said Murthy on the sidelines of the AGM. 
Sikka, who took charge on August 1 last year reiterated that Infosys should return to industry-leading growth rates during the next financial year. 
 
Former CEO and chairman Murthy, who for the first time in the history of the company attended the shareholder meeting as just a stakeholder in Infosys also praised the current leadership team of the company. 
 
"There's absolutely no doubt everybody there on the podium is smart, dedicated - they're working hard. They want the best for Infosys and therefore we are all 100% with them," he said. 
 
Economic Times reported that prior to Sikka's appointment, Murthy undertook a massive organisational overhaul at Infosys as part of his turnaround plan for the company. The overhaul led to the departure of more than a dozen toplevel executives. He added that he had no plans of returning to Infosys nor was there any need for him to. 
 
"The reality is that today we have a very good set of people running the company -- they should run the company, we should all support them, we should cheer them from outside, so there's no need for anybody from outside to get back into Infosys," said Murthy. 
 
Meanwhile, Sikka also brushed away concerns over the H1B visa issue and said that the company was fully compliant with US laws. 
"We're not worried about that (H1B issue) - I'm a US citizen. We have an impregnable compliance to these regulations and we're absolutely committed. We carry that responsibility extremely seriously and I know other companies in the industry do so as well," said Sikka. 
 
Newly-appointed non-executive chairman R Seshasayee, who succeeds KV Kamath in the role, referred to Murthy as the "Bhishma Pitamah" of Infosys and said that Infosys would continue to seek Murthy's counsel and guidance on important issues as and when required. 
 
(Image: Indiatimes)

Here’s what happened at the Infosys’ AGM

The share price of Infosys fell by 16.2% a day after whistleblowers complaint on its top management turned public, on Tuesday (October 22). That’s a wealth erosion of about ₹53,000 crore (about $7 billion). It also hit a lower circuit and closed at ₹643 per share. This is due to a whistleblower complaint which alleged that the CEO and CFO top management put pressure on them to not recognise the reversal of $50 million on FDR contracts as it will slash profits. Two anonymous whistleblowers accused the CEO Salil Parekh and CFO Nilanjan Roy of concealing information from auditors and keeping large deal information from the board. But, investors seem to fear that this may only be the tip of the iceberg. And, this is not the first time that Infosys has been accused of ‘corporate governance’’ issues. In fact, the founder of the company and the promoter group has been vocal<a href="https://economictimes.indiatimes.com/markets/stocks/news/infosys-promoters-including-murthy-nilekani-offer-shares-worth-rs-2038-crore-for-buyback/articleshow/60347494.cms?from=mdr"> of possible irregularities</a>, especially during the acquisition of Panaya for $200 million. This was of course, two years back. Ever since, the CEO Vishal Sikka and the CFO R Seshasayee have quit after blaming the founder Naranya Murthy of ‘personal attacks’ on them. The board too had been scrubbed clean and changed by one of its founders Nandan Nilekani but as it seems to be, the troubles are far from over. The severity of the fall in the share price today shows that investors are more worried about the standard of governance at one of India’s most famous home-grown companies that was once touted to be a benchmark in corporate governance. As per he whistleblower complaints, millions in reversals were not added into the accounts, to make profits ‘look good’. Amongst other things, whistleblowers said that Even without a possibly fake facelift, Infosys has been losing out to its competitors. A research report by Nomura has maintained its ‘neutral’ rating on the company preferring TCS over it. “We expect calendar year growth momentum to moderate in the second half below double digits as it should be seasonally weak with furloughs in the third quarter. Incrementally, outlook is weak in retail, and BFSI remains soft which is 50% of revenues combined), though performance and outlook on other verticals is strong,” the report said after Infosys declared its quarterly results. For a company which is growing slow, investigation and accusations will not help. Not during times of slowdown which it already has a lot of ground to cover. If more troubles come out of the Pandora’s box, Infosys will risk comparison to the likes of Satyam Computers which went down in 2009 after the promoter Ramalinga Raju tried to merge it with another infrastructure company he runs, failed and declared his role in a scandal that hit the credibility of entire India Inc.

You Searched For "R Seshasayee" and got 11 results

Chairman KV Kamath quits Infosys. R Seshasayee to take over

BI India Bureau

2014-15 landmark year for Infosys: R. Seshasayee

BI India Bureau

IIM-A shortlisted K M Birla for the post of chairman

BI India Bureau

Seshasayee likely to be interim chairman while search for Kamath’s successor continues

BI India Bureau

Infosys appoints D Sundaram as independent director

BI India Bureau

Trouble is brewing between Infosys founders and board. Here’s everything you should know

BI India Bureau

Infosys board to see 2 new members soon!

BI India Bureau

Infosys employees in stress: Promotions and Increments may take a hit

BI India Bureau

Infosys’ R Seshasayee, Vishal Sikka say ‘no battle between board and promoters’. Here are 10 highlights from their speech

Here’s what happened at the Infosys’ AGM

BI India Bureau

Infosys lost $7 billion in share value due to $50 million whistleblower complaint-- showing that governance is bigger than money

Katya Naidu

Popular Keywords

Buying Guides