Narayana Murthy to step down as Infosys Chairman

Bangalore, June 10 : Infosys Chairman and Chief Mentor N R Narayana Murthy today said he will relinquish both the posts on his attaining 60 years of age on August 20.

Speaking to newspersons here after participating in the company's 25th Annual General Meeting, he, however, said he would continue to function in the capacity as Non-Executive Chairman, provided the Board of Directors approved it at its meeting on July 11, the day when his successor would be finalised. ''My commitment to the company will continue. However, the youths in the company will take over the mantle,'' he added.

To a question, Mr Murthy said he felt that women, who constituted 27.3 per cent of the total employee strength, should play a key role in shaping up the future of Infosys by accepting positions at the senior management level.

Asked whether he would enter politics, he replied in the negative, saying that he was not cut out for that role. ''I am not interested and I will not enter politics,'' he added.

Infosys Managing Director and CEO Nandan M Nilekani, who was also present, said the Board of Directors would like to have Mr Murthy continue as their Chairman.

Parrying a query on whether he was ready to don the mantle of Chief Mentor and Chairman, he said the Directors would love to have the benefit of Mr Murthy's insight, capacity and guidance.

The meeting approved payment of total dividend payout, including the interim and special dividend of Rs 45 per share for 2005-06, amounting to a total of Rs 1,238 crore. Earlier, addressing the shareholders, Mr Murthy said a firm 'no' to a plea from shareholders that his wife Sudha Murthy should be given a role on the company's board. ''As a matter of principle, we do not bring families into business and everyone at the top level has maintained this till today,'' he added.

Tracing the company's growth, he termed the 25-year journey as a symphonic marathon, meaning that every Infoscion was a maestro in his or her own right. They have subordinated individual interests to work as part of a fine team and produce exceptional results year after year. ''It is a marathon since we have a long way to go before we hit the tape.'' Terming the year 2005-06 as a landmark one for the company, Mr Murthy said what was started with Rs 10,000 in 1981 to leverage India's competitive advantage to develop software for clients in G-7 countries had turned out into an organisation with over 52,000 employees, revenues of US Dollars 2.145 billion and a market capitalisation of US Dollars 21 billion.

''Infosys is a shining example of the success of economic reforms introduced in 1991. From the beginning, we set our sights on becoming a globally respected organisation and demonstrated that it was possible to do business legally and ethically in India. We have embraced discipline, innovation, agility and excellence in execution in every facet of our business,'' he added.

He exhorted Infoscions to work with humility, grace and courtesy which would pay rich dividends ultimately.

UNI