Thursday, April 14, 2011

UPDATE: Mohandas Pai quits Infy board

In a major setback to Infosys Technologies, the company announced that Mohandas Pai, a board member and Director Incharge, Human Resource Dept, has decided to resign. After the resignation of Nanadan Nikelani, this is the second biggest exit of a senior member from the company.

Add to this K Dinesh, one of the founder members and Member of Board too have chosen to retire. Dinesh, a board member and co-founder of the company, will retire by rotation at the Annual General Meeting of the Company to be held on June11, 2011 K Dinesh has expressed his intention not to seek re-appointment. Dinesh was the Head of Quality, Information Systems and the Communication Design Group.

Meanwhile, Ravi Venkatesan, former Microsoft India Head has been appointed as the Additional Director of the company with immediate effect. He will hold office up to the date of the Annual General Meeting, when his appointment as a Director will be placed for the approval of the shareholders, said the company's announcement.

The company in a filing to the National Stock Exchange the company said that Pai has decided to relinquish the position of board member and has requested the board to relieve him of the responsibilities after the company’s annual general meeting on June 11, 2011. The Board of Directors considered and accepted the resignation of Pai. The resignation is effective June 11,2011, post the company’s annual general meeting.

The board members placed on record their deep sense of appreciation for the services rendered by Pai during his tenure at Infosys.

N R Narayana Murthy, Chairman and Chief Mentor said: “Mohan has been an early adopter and akeen anchor builder of Infosys. It is difficult to imagine Infosys without Mohan’s passion, commitment, joie-de-vivre and intellect. We all know that he is taking this painful decision, since he has much bigger projects in the horizon-nation building. The Board and every Infoscion thank Mohandas Pai for his wonderful contribution and wish him great success in his future endeavors’”.

Speaking about Dinesh Murthy said: “K Dinesh has been one of the co-founders of the company.The company has turned to him whenever there were any complex projects to be undertaken. He has handled each of his responsibilities with extraordinary diligence, quality and professionalism. We wish him best of luck in his future endeavors”.

Pai joined Infosys in 1994 and has served as a Member of the Board since May 2000. He was the Chief Financial Officer from 1994 to 2006. In 2006, he voluntarily demitted the office of CFO to lead efforts in the areas of Human Resources and Education and Research.

As the CFO, he played a strategic role in transforming Infosys into one of the world’s most respected and widely known software services companies. He formulated the country’s first publicly articulated financial policy for the company. He played a key role in branding the company among the investor community and enhancing transparency and disclosure levels. The Infosys Annual Report, under his supervision, has won the top awards consistently from the Institute of Chartered Accountants and from the South Asian Federation of Accountants.

Pai though not a part of the founder members has been an integral part of the Infosys team that enabled the first listing of an India-registered company on NASDAQ and the first sponsored secondary offering of American Depositary Shares by an Indian company. 

Infosys' Board of Directors to meet on April 30 to finalise plans for the company's leadership as Chairman N R Narayan Murthy retires in August 2011.


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