Infosys appoints Nandan Nilekani as non-executive Chairman

Indian IT major Infosys which has been struggling with its issue has appointed its ex-CEO Nandan Nilekani as the non-executive chairman of the board.

Must Read

Explained: The evolving nature of cybersecurity threats

Concerns such as hacking and the presence of computer viruses have existed for decades in one form or another. As technology evolved over the years, so did the cybersecurity  threats themselves.

Sapience Analytics signs distribution agreement with Redington

Sapience Analytics and Redington said that they have entered into a distribution agreement where latter will resell the Sapience Vue solution through its network of over 30,000 channel partners, system integrators, and value-added resellers countrywide.

Andhra Pradesh to resurvey and digitise all land records

The push for resurvey and digitisation of land records in comes from the success of resurvey done in Thakkellapadu of Jaggayyapeta mandal in Krishna district

Indian IT major Infosys which has been struggling with its issue has appointed its ex-CEO Nandan Nilekani as the non-executive chairman of the board. In a statement company said, “Board of Directors has unanimously approved the appointment of Mr. Nandan Nilekani as the Non Executive Chairman of the Board, effective immediately.”

With this appointment, some key figure at Infosys board like , Vishal Sikka, Prof. Jeffrey Lehman and Prof. John Etchemendy have stepped down from the Board. Ravi Venkatesan has also stepped down from his role as co-chairman but he will continue on the board.

“I am happy to return to Infosys, now in the role of non-executive chairman, and look forward to working with my colleagues on the Board and in executive management on the business opportunities we see before us and delivering benefits to our clients, shareholders, employees and communities. I thank Vishal for his service as the CEO of Infosys over the last 3 years and wish him well in his future endeavors,” said Nilekani.

Nilekani also stated that the Board will actively consider a broad based shareholder consultation process as a critical part of its overall engagement initiatives with all the stakeholders of the company that are being taken up on a priority basis. The company is organizing two investor calls of an hour each to discuss the announcements today.

Infosys clarified that the Board had, on August 18, 2017, appointed Sikka as the Executive Vice Chairman (EVC) to facilitate a smooth transition. This transition has been expedited with the appointment of Nilekani. Given that the EVC employment agreement with Sikka had not yet been executed, the Board, prior to the induction of Nilekani, decided that the company will complete all resignation formalities as per Sikka’s employment contract as MD and CEO as executed on April 1, 2016 and approved by the shareholders.

Accordingly Sikka will receive 90 days’ base pay in lieu of notice of US$ 246,575, a variable pay of US$ 205,572 and company-paid COBRA (employee benefits) for 90 days. All equity awards outstanding as on separation date to the extent such awards are unvested will terminate on the date of separation. All equity awards that vested during his employment with the Company will remain as vested as per the terms of the equity plan and award agreement A separation agreement reflecting this and other terms such as a mutual release and non-disparagement obligation has been approved by the Board.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

Leave a Reply

*The moderation of comments is automated and not cleared manually by techobserver.in. Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

Sapience Analytics signs distribution agreement with Redington

Sapience Analytics and Redington said that they have entered into a distribution agreement where latter will resell the Sapience Vue solution through its network of over 30,000 channel partners, system integrators, and value-added resellers countrywide.
- Advertisement -SAP Hana

Related Articles