Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English

EXIT Poll Results

Detailed Exit Poll Results
News18 » Business
2-min read

Nandan Nilekani Reiterates His Role to Bring Stability to Turbulence-hit Infosys

Within hours of being made Chairman of the Board of Infosys, Nilekani and other top executives of Infosys held a conference call with shareholders.

News18.com

Updated:August 25, 2017, 11:02 PM IST
facebookTwitterskypewhatsapp
Nandan Nilekani Reiterates His Role to Bring Stability to Turbulence-hit Infosys
File photo of Nandan Nilekani. (Getty Images)

New Delhi: Nandan Nilekani reiterated in his second public appearance after taking over as Chairman of Infosys that his immediate goal was to bring stability and calm to the company rocked by a public quarrel between the board and the founder.

Addressing a press conference in on Friday evening, after an investor conference call in the morning, Nilekani outlined that apart from steadying the ship, the search for the next CEO for India’s second largest IT services firm, a review of corporate governance standards and a review of the relationship between the board and Narayana Murthy and an examination of the investigative reports into the Panaya acquisition were priorities for him.

Nilekani enjoys the trust of the management, employees, board, and founders. He and other top executives of Infosys held a conference call with domestic shareholders on Friday morning and another such call with foreign investors is scheduled for the evening. Nearly 600 investors logged into the morning call.

“I have come back to Infosys as a person who enjoys the confidence of the founders, board, customers, shareholders, and employees,” Nilekani said during the course of the call. “I have the full support of Narayana Murthy and expect to make some quick decisions in the next few days,” he added.

It was exactly a week ago that Vishal Sikka resigned as the CEO Infosys. Since then a growing rift between the founder Narayana Murthy and the board of directors has jangled nerves as shareholder wealth of $4.5 billion eroded amidst a selloff of Infosys stock. Questions were also raised about corporate governance and the role of the founder and the board.

On Thursday night, the company announced that Nilekani, who left in 2009, was returning as a non-independent director and chairman of the board. The company also announced sweeping changes to the board of directors, with the resignations of R. Seshasayee as Chairman and Ravi Venkatesan as co-Chairman. Both were involved in the public spat with Murthy.

Nilekani said in the press briefing that his role would be to put in place a high-quality CEO and a board to assist the CEO. Stating that it is too premature for him to comment on Infosys’ strategy and earnings, the architect of Aadhaar said he is committed to ensuring the highest standards of corporate governance are adhered to at Infosys.

“I will ensure there are no discordant voices in the company and everyone is on the same page,” he asserted. Nilekani said as the non-executive Chairman his role will be an oversight, governance, and functioning and to help with the CEO search that will look for internal and external candidates as well as Infosys “alumni”. He stressed that he will stay as long as necessary, but declined to put a timeline to his latest stint.

He said that Kiran Mazumdar Shaw would be heading the search for a new CEO.

Infosys will hold another press conference and investor call later in the day.

(With PTI inputs)

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Puja Menon
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results