Infosys gets new chairman

Mumbai, June 5: Infosys today appointed R. Seshasayee as its non-executive chairman to replace K.V. Kamath, who has stepped down to take over as president of the new Brics bank.

Seshasayee, whose appointment is with immediate effect, has been an independent director on the company's board since January 2011 and is the chairperson of the audit committee.

He is also the non-executive vice-chairman of Ashok Leyland and chairman of IndusInd Bank.

"I am proud to have served as a member of the Infosys board and as its chairman. The board has made the most appropriate choice in nominating Seshasayee as my successor," said Kamath, who will assume charge at the Brics bank in July.

Kamath succeeded founder N. R. Narayana Murthy as the chairman of Infosys in 2011.

Kamath said given Seshasayee's vast and varied experience in leading large public companies and his strong contribution during the past four years of his association, "Infosys will benefit greatly from his sagacity".

Infosys managing director & CEO Vishal Sikka said, "He (Kamath) has been a great mentor to me personally and I look forward to his continued guidance as a well-wisher of this company. I warmly welcome Seshasayee's appointment as chairman. We have a lot to do and I am excited to work with him to accelerate our plans for the future.

"I look forward to working even more closely with the Infosys board and management team as we navigate this period of transformation for the company," Seshasayee said.

The appointment comes a day after Infosys announced the completion of its acquisition of Kallidus Inc (Skava) and its affiliate, a provider of digital experience solutions, including mobile commerce and in-store shopping experiences, to large retail clients.

Shareholders of the country's second largest IT firm have also approved the transfer of its Finacle and Edge Services businesses to its subsidiary Edgeverve Systems for Rs 3,620 crore.

The shareholders have approved the issue of "bonus shares/stock dividend" in 1:1 ratio and to increase the company's authorised share capital, according to a regulatory filing.

The IT services major reported a moderate 3.5 per cent growth in net profit at Rs 3,097 crore for the quarter ended March 31. The company had said it expected revenue to grow in the range of 10-12 per cent only for 2015-16 in constant currency terms.