Infy to be renamed as Infosys Ltd;to transform into next level

Bangalore, May 1: In tandem with leadership succession plan and move to transform the company into a next- generation global player in IT arena, Infosys Technologies on Saturday, Apr 30 said it will be renamed as Infosys Ltd.

Co-Chairman-designate S Gopalakrishnan said that Infosys has a broad range of services all the way from consulting to business process outsourcing and the company's focus is to help clients achieve business results.

"We felt that the brand Infosys is so strong that we would like to rename the company as Infosys Ltd," Gopalakrishnan said.

"It's part of our 3.0 vision...", he said.

The company in a regulatory filing to the Bombay Stock Exchange said that the "Board of Directors approved the proposal of changing the name of the company from Infosys Technologies to Infosys Ltd".

The company will seek shareholders' approval on the proposal at its Annual General Meeting on Jun 11, 2011.

Noting that Infosys is already a respected global brand, the CEO-designate S D Shibulal said, "our aspiration is to build the next generation global consulting and services corporation."

The proposed Infosys 3.0 strategy would have three dimensions including strengthening the company's strategic partnership with its clients and evolving its business model, Shibulal said.

"..we are also making other organisational changes to strengthen our market position and ability to serve our clients better," he said.

Officials said the Board had also decided to raise the retirement age for chairman of the company from 65 years to 70 years but this would not be applicable to the company''s founders.

Shifting from its usual practice of naming founders as Chairman, the company today announced the appointment of former CEO of ICICI Bank K V Kamath as its new Chairman.

The board has also named current Chief Executive Officer S Gopalakrishnan as co-chairman, while COO S D Shibulal has been elevated as the CEO.

PTI