Infosys AGM 2011: Four new Executive Directors in Infy Board

Infosys Technologies Ltd, the $6 billion IT bellwether, on Saturday announced the elevation of chief financial officer V. Balakrishnan, Senior Vice Presidents B.G. Srinivas and Ashok Vemuri to the Board as Executive Directors with immediate effect. Ann Fudge, a non-executive director at Unilever, Novartis and GE, joined the Infosys board as Independent director, effective October 1.

CEO S. Gopalakrishnan confirmed that Subhash B Dhar, Senior Vice President, has decided to quit in order to pursue his entrepreneurial ambitions. 

Prof Jeffry S Lehman, who headed the appointments panel, told a news conference on Saturday evening that the leadership transition process was complete with the induction of four directors.

The appointment of a Chief Operating Officer (COO) in place of Shibulal, who will take over from Kris as CEO and MD, will be announced soon, he said.

Read Murthy's letter to Infosys shareholders

"This is the first time in the history of Infosys that four new directors are joining the Board," Chief Mentor N.R. Narayana Murthy, one of the founders, said.

Earlier in the day, Narayana Murthy had presided over the 30th annual general meeting or AGM of shareholders.

Murthy, addressing his last AGM at Infosys before he hands over charge to K.V.Kamath on August 20, had his wife wife Sudha, son Rohan and daughter-in-law Lakshmi in attendance. Chairman-designate K.V.Kamath also sat next to Murthy on the dais

Exclusive interview with new Infosys Chairman K V Kamath

With Bala, BG and Vemuri joining the Board, Infy has to find their replacements to the Executive Council, the second tier management set-up below the Board. Kris said he has no announcement to make on these vacancies as of now.

On Saturday, shareholders cleared the management's proposal to drop the word "Technologies" from the company's name.