Murthy to get successor in ’11
New Delhi, Aug. 10: After the Tata Group, IT major Infosys has become the second major Indian company in succession to look for a successor to its chairman.
While the Tata Group’s iconic chief, Mr Ratan Tata, 72, is due to retire at the end of 2012, Infosys chairman and chief mentor, Mr N.R. Narayana Murthy, will retire in August 2011 when he turns 65.
The IT major has already started the hunt for the next leader.
Talking to reporters here about his succession plan, Mr Murthy said, “We have a nominations committee. Mr Jeffrey Lehman is the chairman of that. At an appropriate time, he will do that. Certainly, he and his committee will come up with a successor in time so that I can retire on August 20, 2011.”
The Tata Group last week announced setting up a committee to search for Mr Ratan Tata’s successor, who is expected to be in place by March next year. Mr Murthy was in the capital to attend an AIMA event.
Infosys’ nominations committee, which has ICICI Bank non-executive chairman, Mr K.V. Kamath, Cornell University professor, Mr Lehman, and HDFC Standard Life Insurance CEO, Mr Deepak M. Satwalekar, as members, has already begun discussions on the process.
The purpose of the nominations committee is to oversee the company’s nomination process for the top-level management and specifically to identify, screen and review individuals qualified to serve as executive directors, non-executive directors and independent directors.
However, Mr Murthy declined to comment on whether he prefers an Infoscion to step into his shoes.
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