B U S I N E S S

It’s exciting though a new challenge, says Murthy
Bangalore, June 1
Something that he hasn't imagined in his "wildest dreams", N.R. Narayana Murthy today described his "second innings" at Infosys as an exciting yet "somewhat" a new challenge. "When I walked out of Infosys on 20th August 2011, I did not in my wildest dreams imagine that I will be back here in an executive capacity", Murthy told reporters after the company's board reappointed him as executive chairman.

The impressive state-of-the-art Infosys campus in India’s IT capital, Bangalore.

Rohan Murty to join Infy as Murthy’s executive assistant
Bangalore, June 1
Rohan Murty, son of Infosys co-founder N.R. Narayana Murthy, will join the software major as an executive assistant to his father. In order to function more effectively Narayana Murthy intends to create the chairman's office to assist him during his tenure and has requested the company’s board to permit him to put together a team for this function. The team will include Rohan Murty.

Nokia Siemens to shut facility
Kolkata, June 1
Telecom equipment-maker Nokia Siemens Networks will close down its fixed-line manufacturing facility in the city from July 31. The company said the facility catered to fixed line telephony and decline in demand, refocus of the company’s strategy towards mobile broadband and unprofitability of fixed line telephony products accounted for the closure. — PTI

It’s exciting though a new challenge, says Murthy
TNS & Agencies

Bangalore, June 1
Something that he hasn't imagined in his "wildest dreams", N.R. Narayana Murthy today described his "second innings" at Infosys as an exciting yet "somewhat" a new challenge. "When I walked out of Infosys on 20th August 2011, I did not in my wildest dreams imagine that I will be back here in an executive capacity", Murthy told reporters after the company's board reappointed him as executive chairman.

"This in some sense is like a second innings because it's seven years since I completed my executive responsibilities. Between 2006 and 2011, I was nonexecutive chairman and therefore, when I come back here in executive position, it's in some sense an exciting yet somewhat new challenge", he said.

Murthy, who addressed a press conference at the Infosys headquarters here with the outgoing chairman K.V. Kamath and MD &CEO S.D. Shibulal by his side, said Kamath met him on May 4 and requested him to come back to Infosys to “add value to the company and add value to Shibulal”. S Gopalakrishnan, executive chairman, who has now been redesignated as executive vice-chairman, was also “very, very enthusiastic when he discussed it with him”, Murthy said.

It is because Murthy had decided when he turned 65 that he would do things that he would enjoy most, in the company of those he enjoyed most. Till 5.30 pm on his last day at Infosys, he was totally passionate and committed to the organisation. "Infosys has been the story of my adult life".

Now, he has realized that he is fortunate enough to add whatever value he could to the company and Shibulal, after discussion with his family. "This is a unique opportunity for me", he said, adding, he is sure that working again in Infosys would be an "exciting opportunity" and "extraordinarily pleasant".

Infosys, for years an investor favourite for exceeding its earnings targets, has struggled in the past two years as its big customers in the United States and Europe cut costs and seen rivals such as Tata Consultancy Servicesand HCL Technologies take away market share.

In April, Infosys forecast full-year sales growth that missed analyst expectations by a margin of up to 50%, pushing down its shares to their lowest close in a decade.

Shares in Infosys closed 3% higher on Friday, ahead of the announcement.

Rohan Murty to join Infy as Murthy’s executive assistant

Bangalore, June 1
Rohan Murty, son of Infosys co-founder N.R. Narayana Murthy, will join the software major as an executive assistant to his father. In order to function more effectively Narayana Murthy intends to create the chairman's office to assist him during his tenure and has requested the company’s board to permit him to put together a team for this function. The team will include Rohan Murty.

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.

He has authored several papers and patents as part of his research on wireless and mobile computing.

Infosys on Saturday announced that the company's board has appointed Narayana Murthy as executive chairman of the board and additional director with effect from June 1, 2013.

If appointed, Rohan Murty's term as executive assistant to the chairman would be co-terminus with that of Narayana Murthy. Rohan Murty has requested that he should also be paid only a token compensation of one rupee per year.

The board has agreed to Narayana Murthy's requests, subject to necessary approvals.

Narayana Murthy said: "This calling was sudden, unexpected, and most unusual. But, then, Infosys is my middle child. Therefore, I have put aside my plans-in-progress and accepted this responsibility. I am grateful to K.V. Kamath, chairman of the board, and every Infoscion for giving me this opportunity. I intend to do my best to add value to the company in this challenging situation."

During his five year term, Murthy would draw a token compensation of one rupee per year.

Kamath will step down from his position as chairman of the board and take up the position of lead independent director effective June 1, 2013.

Commenting on the decision, Kamath said: "The board has taken this step keeping in mind the challenges that the technology industry and the company faces and in the interest of all stakeholders, particularly shareholders large and small, who have asked for strengthening of the executive leadership during this challenging time."

"Murthy's entrepreneurial and leadership record and the long experience he has had as a technology pioneer makes him eminently qualified to lead the company and provide strategic direction at this point in time," Kamath added. — Agencies