Infosys Technologies is holding its 30th annual general meeting (AGM) tomorrow. While this annual event has been integral to the company’s investor relations programme for many years, tomorrow’s AGM is significant in many senses.
The meeting will also see the emergence of a new generation of leaders who will steer the company into the future as part of the company board.
Murthy, who co-founded Infosys in 1981 with six others, has bid adieu to the shareholders in an article in the company’s annual report. For someone who has been part of every decision the company has taken since its inception, the parting from colleagues and shareholders will be an emotional one.
“There is no doubt the Infosys journey has been an integral part of my life... I have been the number one actor in every major decision taken in the company... It is not easy for me to write my last article in the annual report of the company. As I write this, a mosaic of images from the past whizzes through my mind. The list seems endless and it would be difficult to narrate them all in this article,” Murthy wrote in his article.
As he is readying himself to have his last interaction with shareholders, he feels he is leaving the company with leaders capable of driving the future growth. “I definitely think I can leave in peace, as I am definitely sure that these (new leaders) are very capable people. They are of course very kind to say good things about me. But I think they are in many ways smarter than me,” Murthy had told Business Standard earlier.
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Infosys is expected to announce the names of new directors into the board by taking insiders in their executive capacity. The company in all likelihood is expected to announce two new members to the board — chief financial officer V Balakrishnan and banking, capital markets and strategic global sourcing head Ashok Vemuri. The company may also look at a third person from within as board member.
Sources, however, say the company is expected to name a woman to the board, as there has not been a single woman on the board since Rama Bijapurkar resigned last year. If Infosys does so, the director will be most probably from outside, as the company does not have many women candidates in leadership positions.
With Murthy stepping down and other founders to follow suit, Infosys will be watched closely. As Murthy mentioned in his article: “Strategy is about ensuring sustained differentiation in a changing environment for better net income margins. Differentiation without better net income margins is meaningless.”