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<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>, the Indian multinational corporation dealing in software, IT and business consulting, is thinking of adding at least two new members to its eight-member board in the coming six months. Infosys has always maintained a lean-board strategy, with not more than two executive directors, so as to ensure faster decision-making. 
 
After the exit of former ICICI Bank chairman KV Kamath and Carol M Browner, the company is eager to fill the vacant posts. Candidates experienced in financial services, government regulations and technology are the need of the hour for India's second largest software exporter. 
 In the meantime, <keyword id="369460" type="PERSON" weightage="100" keywordseo="Jeffrey-Sean-Lehman">Jeffrey Sean Lehman</keyword>, who is a veteran of the <keyword id="675648" type="UNKNOWN" weightage="100" keywordseo="Infosys-Board">Infosys board</keyword> and serves as the vice chancellor of NYU Shanghai, has got an extension for at least another year. Lehman’s term was to expire in 2016. 
 
"Infosys is committed to building a board with members that have diverse experiences and dynamic leadership skills. The nominations committee of the Infosys Board identifies and reviews suitable candidates who bring with them global experience and insights that enrich the quality of our board meetings and add to our strategic vision as we plan the next-generation services company," R Seshasayee, the non-executive chairman of the board, told ET. 
 
<a href="http://poetsandquants.com/wp-content/uploads/2014/02/10379313-54b8-4448-b3fa-367be8ac368bInfosys.jpg">Image source</a>

Infosys board to see 2 new members soon!

Country's second largest software services firm <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> announced the appointment of <keyword id="4715674" type="UNKNOWN" weightage="100" keywordseo="d-sundaram">D Sundaram</keyword> as an independent director with effect from July 14, according to PTI news report. The appointment is based on the recommendations of the Nomination and Remuneration Committee of the Board, Infosys said in a statement. <keyword id="120337" type="COMPANY" weightage="20" keywordseo="Sundaram">Sundaram</keyword> is currently the Vice Chairman and MD of TVS Capital Funds Ltd. He joined Unilever Group in 1975 and has served in various leadership capacities in Unilever Group in a career spanning over 34 years. "He (Sundaram) brings extensive experience in the field of finance and strategy execution," Infosys Chairman <keyword id="484178" type="PERSON" weightage="20" keywordseo="R-Seshasayee">R Seshasayee</keyword> said. Other independent directors on Infosys Board include Prof John W Etchemendy (<keyword id="101399" type="ORGANIZATION" weightage="20" keywordseo="Stanford-University">Stanford University</keyword>'s Provost), Roopa Kudva (former MD and CEO, Crisil), Dr Punita Kumar-Sinha (former Senior MD of Blackstone) and Jeffrey Sean Lehman (vice chancellor of <keyword id="4716260" type="UNKNOWN" weightage="20" keywordseo="nyu-shanghai">NYU Shanghai</keyword>). Ravi Venkatesan (former Microsoft India Chairman), Kiran Mazumdar-Shaw (Chairperson and MD of <keyword id="6358361" type="CITY" weightage="20" keywordseo="Biocon">Biocon</keyword>) and D N Prahlad (CEO of <keyword id="4716261" type="UNKNOWN" weightage="20" keywordseo="surya-software-systems">Surya Software Systems</keyword>) are also on Infosys' Board as independent directors.

Infosys appoints D Sundaram as independent director

<keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword>, India's third largest software exporter, has said three of its 10 independent directors will leave the company in order to comply with the new regulations. The company will also appoint fresh faces. The New <keyword id="6390099" type="COMPANY" weightage="100" keywordseo="Companies-Act">Companies Act</keyword>, 2013, limits the tenure of an independent director to two successive periods of five years each. 
 <keyword id="2376568" type="UNKNOWN" weightage="100" keywordseo="BC-Prabhakar">BC Prabhakar</keyword> and <keyword id="96316" type="PERSON" weightage="100" keywordseo="Shyam-Saran">Shyam Saran</keyword> would not seek re-election during the company's annual general meeting to be held on July 23, while Henning Kagermann, the third independent director, will step down on June 30. 
 
"I wish to thank B C Prabhakar, Shyam Saran and Henning Kagermann for their invaluable contribution to Wipro over the years. The company has immensely benefited from their deep insights and vast experience. I wish them all success in their future endeavours," said Wipro chairman Azim Premji. 
 
Last month, Infosys, too, had announced two of its six independent board members - Jeffrey Sean Lehman and Omkar Goswami - would also step down. 
 
Prabhakar, a lawyer, has been on the board of Wipro since 1997. Saran, former special envoy to former prime minister Manmohan Singh, had joined the board in 2010. As per the company’s statement, Saran is leaving to pursue his personal interests.

Three Independent Directors To Resign From Wipro

<keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> is all set to get a new Chairman in place of <keyword id="396965" type="ORGANIZATION" weightage="80" keywordseo="KV-Kamath">KV Kamath</keyword>, who is taking over the new role as president of BRICS Bank. 
 
On the condition of anonymity, two people familiar with the development said that while Infosys would evaluate external and internal candidates to replace Kamath, it was expected that the conglomerate would name board member R Seshasayee as interim non-executive chairman. 
 
They added that name of the successor would be finalised within two to three weeks. 
 
Economic Times first reported that Infosys had begun hunting for its next chairman and may appoint either Seshasayee, executive vice chairman at Ashok Leyland, or former Microsoft India chairman Ravi Venkatesan as interim chairman to oversee the transition. 
 
Seshasayee, who started his career with Hindustan Lever in 1971 and joined Ashok Leyland in 1976, joined Infosys' board in 2011. He became executive director of Ashok Leyland in 1983 and managing director in 1998. He has also been the chairman of IndusInd Bank since 2007. 
 
"Seshasayee is the most likely candidate to be selected as interim non-executive chairman, given his experience and the fact that he is among the senior-most people on the board," one of the sources told ET. 
 
The person added that it was likely that Infosys would opt for an interim non-executive chairman for now. “Ideally the company would like to have a chairman in place before the AGM (on June 22)," this person said. 
 
Infosys' nominations committee, which identifies and evaluates candidates for various director positions, has the authority to identify and evaluate candidates to replace Kamath. 
 
Besides Kamath, the committee includes board veteran Jeffrey Sean Lehman, Biocon founder Kiran Mazumdar-Shaw and Seshasayee. Technically, a member of the nominations committee can be considered for the position of chairman, the sources said. 
 
Sources told the financial daily that chief executive Vishal Sikka along with Kamath will also explore appointing an external candidate as the next chairman. 
 "Infosys ideally wants the next chairman to have a profile similar to founder NR <keyword id="6355623" type="PERSON" weightage="80" keywordseo="Narayana-Murthy">Narayana Murthy</keyword> or Kamath. That person could come either from within the board or outside Infosys," the second source told ET. 
 
Kamath helped ICICI Bank become a savvy, next-generation lender. He first replaced Murthy as Infosys' chairman in August 2011 and played a vital role in succession planning at the company. 
 
"Infosys needs (a chairman) with experience in institution building. Right now the company is undergoing a serious transition and a lot of changes are taking place under the new CEO. So Infosys needs to pick someone who can be a good sounding board to Sikka," Kavil Ramachandran, executive director, Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business, told ET. 
 
Ramachandran said it should ideally be someone who Sikka respects and will not be seen a roadblock and also who knows the company well and values the ethos of the founders. 
 
During past five years, Infosys’ chairmanship changed as many as four times. Following two lacklustre years under co-founder SD Shibulal, the company's board brought back Murthy as executive chairman in June 2013 and Kamath moved out of his non-executive role. 
 
After the company appointed Sikka as its first non-founder CEO in August 2014, Murthy stepped down from his executive chairman role and Kamath took over again. 
 
(Image: Indiatimes)

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Infosys board to see 2 new members soon!

BI India Bureau

Infosys appoints D Sundaram as independent director

BI India Bureau

Three Independent Directors To Resign From Wipro

BI India Bureau

Seshasayee likely to be interim chairman while search for Kamath’s successor continues

BI India Bureau

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