Infosys Shares Mounts 7 Pct on Founder Murthy's Comeback

Bangalore: Infosys founder N.R. Narayana Murthy joined back to his company as the executive chairman and immediately the percentage of shares went up to 7 percent in the open market reports ZeeBiz.com.

Since Infosys was not able to recover from the loss in the market shares, the company decided to call Narayana Murthy back as their chairman. K.V.Kamath, Chairman previous to Murthy will be serving as the independent director.

Although, S D Shibulal will be continuing as Chief Executive Officer, the company has re- designated executive co-chairman S Gopalakrishnan as the executive vice chairman.

Narayana Murthy, who is considered among the pioneers of IT in India, has built Infosys from scratch. In 1981, the company had only six engineers with the annual profit of $250, but today, the company’s revenue is more than $7 Billion dollars.

Murthy will be holding the position from June 1^st and will take charge for 5 years as the chairman of Infosys.

Since, Infosys’ big customers from U.S. and Europe are cutting on their costs; the company had to face lot of struggle in last two years. Infosys has also been lagging behind its rival companies like Tata Consultancy Services and HCL Technologies.

Kamath said that the board has taken such a decision "keeping in mind the challenges that the technology industry and the company faces."

(With PTI Inputs)

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