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Infy to decide Murthy's successor on July 11

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My commitment to Infosys will continue, says Murthy

WHO WILL BE THE SUCCESSOR? Mr N.R. Narayana Murthy (right), Chief Mentor, Infosys Technologies Ltd , and Mr Nandan Nilekani, Chief Executive Officer and MD, at the company's AGM in Bangalore on Saturday. Infosys will announce on July 11 a successor to Mr Murthy, who will relinquish his posts on attaining the age of 60 on August 20. G.R.N. Somashekar
WHO WILL BE THE SUCCESSOR? Mr N.R. Narayana Murthy (right), Chief Mentor, Infosys Technologies Ltd , and Mr Nandan Nilekani, Chief Executive Officer and MD, at the company's AGM in Bangalore on Saturday. Infosys will announce on July 11 a successor to Mr Murthy, who will relinquish his posts on attaining the age of 60 on August 20. G.R.N. Somashekar

Our Bureau

Bangalore, June 10

Exactly a month from now Infosys Technologies Ltd will announce a successor to its founder, Chairman and Chief Mentor, Mr N.R. Narayana Murthy, who will relinquish his posts on attaining age of 60 on August 20.

Replying to a shareholder's query on a recent report in

Business Line

, Mr Murthy told the company's 25th annual general meeting that the Infosys board would decide about his successor on July 11. "A person who's smarter than me will be selected," Mr Murthy said adding that he would continue as the Non-Executive Chairman, provided the board approved it.

"My commitment to Infosys will continue. However, the youths in the company will take over the mantle," Mr Murthy said ruling out his entry into politics even if invited by any political parties.

However, the Infosys management wants its Chairman and mentor to stay on. "We would very much like Mr Murthy to continue as Chairman. Infosys would love to have the benefit of his value, wisdom, insight, capacity and guidance whenever required," said the Infosys President, CEO and Managing Director, Mr Nandan Nilekani.

Key events

Addressing the AGM, Mr Murthy remembered the key events at Infosys during the past 25 years. "Infosys is a shining example of the success of the economic reforms introduced in 1991," he said adding the company has demonstrated that Indian brands can receive attention and respect in G-7 countries.

Sharing his vision for Infy for the next 25 years, Mr Murthy said "I would like Infosys to be more multi-cultural, more competitive and add more value to our customers day after day."

Key role for women

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.

Further, he said that Infy is targeting to earn an ROCE (return on capital employed), which is at least twice the cost of capital and an ROIC (return on invested capital), which is at least thrice the cost of capital.

When a shareholder pointed out to the absence of Mrs Sudha Murty, who had provided the initial capital to start Infosys, Mr Murthy said "As a principle we don't bring our family into Infy."

The company had made a special arrangement to relay the AGM proceedings through sign language to a section of disabled shareholders.

(This article was published in the Business Line print edition dated June 11, 2006)
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