Infosys appoints Seshasayee as its Chairman, Kamath steps down

Software giant Infosys, announced that the company’s board had approved the appointment of Mr Seshasayee as Non-Executive Chairman of the Board with immediate effect.  KV Kamath , due to his nomination as the President of BRICS bank, New Development bank, would step down from his position as Infosys Chairman of the Board according to a press statement.

• Kamath handpicked by Mr Narayana Moorthy to steer Infosys board, will be shifting to Shangai based new multi-lateral lender.
• Kamath is also non-executive chairman of ICICI Bank.
• Kamath is the one who brought back Narayana Moorthy from his retirement, to rejuvenate Infosys tackling growth and leadership challenges.
• After placing Infosys back on track Mr Moorthy stepped down voluntarily as its executive-chairman last year.
• Kamath was also responsible for the finding of Infosys new CEO Mr  Vishal Sikka.
• Mr Kamath is hugely responsible for transforming ICICI Bank from old-world institution to the latest savvy

Mr Kamath’s statements

• He said that he felt proud as a member of Infosys Board and as its chairman.
• In naming Seshasayee as his sucessor, the Infosys board had done the right thing as Mr seshasayee’s experience in leading large public firms apart from strong contributions to Infosys in the last four years, Infosys would be highly benefited by Mr Seshasayee.

Mr Seshasayee’s various responsiblities

• Since 2011, Seshasayee has been independent director of the Infosys board and is chairperson of the Audit committee.
• Seshasayee is also non-executive vice-chairman of Ashok Leyland and chairman of IndusInd Bank.

About Infosys

• IT is an Indian multi national firm providing business consulting, information technology, software engineering etc.
• Headquarters is inBanglore, Karnataka.
• Founded on 2nd July 1981.
• Vishal Sikka is the CEO and MD

BRICS Development Bank or New Development Bank

• It is a multinational bank operated by the countries of Brazil,Russia,India,China and South Africa.
• BRICS bank is alternative to the present  IMF and the World Bank.
• Established on 15th July 2014.
• Headquarters Shangai,China.
• President Mr KV. Kamath.