Infosys appoints K V Kamath as chairman

India's second largest software firm Infosys on Saturday named veteran banker K V Kamath as the new chairman to succeed founder N R Narayana Murthy, who retires in August.

The over USD 6-billion Infosys Technologies has also appointed current CEO S Gopalakrishnan as the Executive co-Chairman and promoted COO S D Shibulal as CEO and MD.

Murthy, who turns 65 in August, would become Chairman Emeritus.

These appointments, effective 21st August, 2011 were approved at the company's board meeting held in Bangalore on Saturday.

Kamath, 63, is currently an independent director on the board of Infosys. He is the non-Executive Chairman of ICICI Bank, the country's largest private lender.

Infosys would also be appointing three new directors before the annual general meeting in June.

The major board recast comes at a time when Infosys is facing stiff competitive environment and tough business conditions.

The names of Kamath, Gopalakrishnan and Shibulal were recommended by the three-member Nominations Committee, chaired by Jeffrey S Lehman.

A well-known personality in the corporate circles, Kamath was the key driving force in the success of ICICI Bank.

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