Infosys independent director Ravi Venkatesan quits to pursue 'exciting new opportunity'

NEW DELHI: Infosys unbiased director Ravi Venkatesan has stepped down from the board with quick effect, the IT behemoth informed the inventory exchanges in a remark on Friday night.

"This is to inform that Ravi Venkatesan, Independent Director has resigned as a director of the company with immediate effect to pursue an exciting new opportunity. Accordingly, the board took note of the same, " Infosys mentioned in the remark.

Infosys had appointed Venkatesan because the co-chairman of the board last yr in April. He were on the Infosys board since April 2011. Venkatesan along side R Seshasayee, the then chairman have been observed as troubleshooters right through the last few months of former CEO (Chief Executive Officer) and MD (Managing Director) Vishal Sikka's tumultuous stint before he dramatically resigned in August 2017 following months of disagreements with Infosys co-founder NR Narayana Murthy.

Venkatesan's tenure as co-chairman was once temporary and lasted till Nandan Nilekani turned into chairman in August 2017. "The board will miss his passion, strategic insights, and personal warmth, but he will always remain a friend," mentioned Nilekani on Venkatesan's go out. In his farewell note to Venkatesan, Nilekani hinted that former board member's next stint will likely be in the social sector.

"Ravi (Venkatesan) has been a champion for driving social impact and it is desire to do more, that led to his request for stepping off the Board. I am delighted that he will be pursuing an exciting opportunity in this area," the Infosys chairman mentioned.

Venkatesan's resignation comes a month after the anonymous whistleblower who had in 2017 raised fees of irregularities through the Infosys board below former chairman Seshasayee, despatched a letter to marketplace regulator SEBI (Securities and Exchange Board of India) hard duty from the board on its resolution first to buy Panaya and Skava after which to sell them three years later.

“As a regulator I request you to ask the board of Infosys to mend duty for this transaction and take motion towards individuals who had licensed these transactions,” the whistleblower had mentioned in the e mail.

Later, Infosys announced that it might be promoting the 2 companies that it received in 2015 at a considerably lower worth than the $320 million that it paid for them. The whistleblower had in particular questioned board members Ravi Venkatesan, Kiran Mazumdar-Shaw, Punita Sinha and Roopa Kudva, who have been all part of the board that licensed these acquisitions, and also have reputedly agreed to the decision to sell them.

On his departure from Infosys, Venkatesan mentioned, “I joined the board at a time when Infosys was once starting the complicated adventure of transitioning from founder-led to skilled management. This was once additionally a time of tectonic industry shifts.I'm pleased that this venture has been completed.

Infosys is strong, in excellent fingers, and is gaining momentum. My seven years on the board have been exciting, rewarding and eventful. l feel fortunate to have been part of this abnormal company at a seminal moment in its historical past and to have labored with such a lot of superb colleagues on the Board and in management. I wish Infosys and all Infoscions the greatest luck in the coming years,” he added.

Prior to his Infosys stint, Venkatesan served as chairman of Microsoft India between 2004 and 2011. He is credited with helping construct Microsoft India into Microsoft's second-largest presence on this planet.

Venkatesan is an IIT Bombay and Purdue University alumni. He additionally holds an MBA from Harvard Business School.

Infosys independent director Ravi Venkatesan quits to pursue 'exciting new opportunity' Infosys independent director Ravi Venkatesan quits to pursue 'exciting new opportunity' Reviewed by kailash soni on May 12, 2018 Rating: 5
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