New Delhi: Co-founder and former CEO Nandan Nilekani returned to Infosys almost after a decade after he was appointed as chairman on Thursday. The management reboot at Infosys comes at a time when the firm, like the rest of India's more than $150 billion software services sector, is bracing for a potential change in US work visa rules that could restrict the movement of engineers and developers to its biggest market and drag on profits. Earlier in the day, Mr Nilekani told investors that his priorities were to find a CEO, reconstitute the board and shape future strategy, as he sought to calm investors frazzled by the recent shock exit of CEO Vishal Sikka over a prolonged row with its founders. Infosys top management, including Nandan Nilekani, addressed a press conference today in which he stressed that his immediate goal is to bring back stability to the company and search for a new CEO for the company.
"Not going to run the company based on comments on television and twitter," Nilekani says in response to question about Infosys board's comments on Vishal Sikka's resignation a week before.
Nandan Nilekani says he represents 100 per cent shareholders; has record of doing things in different environments, consensus building.
Nilekani says will look into the Panaya investigation and then will decide on "appropriate course of action" along with the board.
"The Board wishes to express that it was not its intention to cause Mr. Murthy or any other affected person any personal distress or anguish while stating its point of view," Infosys states in press release.
Infosys Board has approved the appointment of the executive recruitment firm Egon Zehnder to work with its Nominations and Remunerations Committee to review and identify the right candidate to be the Company's next CEO and MD.
"The Board believes it to be unfortunate that various differences of opinion have arisen between Mr. Murthy and the Board in the recent past.," Infosys says.
"The Board is focused on bringing complete stability to the Company. It has also tasked its Committee of Directors to work with the CEO and management to review and refresh the Company's strategy by October," Infosys says in a press release.
"My goal is to bring consensus and take this company forward," Nandan Nilekani said.
Nilekani said earlier today that the nominations committee headed by Mazumdar-Shaw would search for a CEO for the Bengaluru-headquartered company.
"I plan to be here as long as necessary and work as hard as necessary," Nilekani said when asked how long his second stint at Infosys will be.
"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," Nilekani said at the meeting with investors.
Nandan Nilekani, in his first call with investors said that he will focus on finding a chief executive, while reconstituting the board and adjusting future strategy.
On August 24, Nandan Nilekani was appointed as as non-executive chairman and non-independent director with immediate effect. Infosys stock closed of 2.01 per cent higher after media reports of his return. Click here for a timeline of Infosys' boardroom battles.
On August 18 Vishal Sikka resigned as CEO & MD and was appointed Executive Vice-Chairman till March 31, 2018. Board blamed Murthy for Sikka's exit. Company's stock crashed 10 per cent on BSE after the announcement.