Too early to say if tide is turning in US: Narayana Murthy

Our Bureau Bangalore | Updated on August 03, 2013 Published on August 03, 2013

N.R. Narayana Murthy (right), Executive Chairman, Infosys, with S. Gopalakrishnan,Executive co-Chairman, at the company’s Extraordinary General Meeting in Bangalore onSaturday. — G. R. N. Somashekar

Shareholders of India’s third largest software exporter Infosys have formally approved N.R. Narayana Murthy’s appointment as Executive Chairman and whole-time director of the company.

At the EGM held at Christ University in Bangalore, the shareholders unanimously gave their nod to the iconic founder of the company, two months after it recalled him to put the brakes on its falling growth.

Infosys has been seeing several quarters of inconsistent performance but surprised the Street with better than expected performance in its June ended quarter.

Cautiously optimistic

However, CEO S.D. Shibulal said that the company was cautiously optimistic for the rest of the year and maintained its dollar revenue guidance. Murthy echoed a similar sentiment saying at the EGM that although US, its key export market, was changing for the better, it was still too early to say whether the tide is turning.

Murthy came back from retirement in June, seven years after he stepped down from all executive roles. Other Infosys executives such as co-founder S. Gopalakrishnan and board member V. Balakrishnan were also present at the EGM.

With Murthy back at the helm, there already seems to be a strategic change in its business. In the recent AGM, Murthy outlined a strategy to refocus on some of the bread and butter services offering (such as maintaining and writing software codes) and boosting employee morale. Further, he has given a turnaround time of 36 to 60 months.


Published on August 03, 2013
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