N R Narayana Murthy's re-enters:

For Murthy's re-entry into India's second largest software services firm, the Board raised the retirement age of executive chairman from 60 years to 75 years, effective from June 1, Saturday.

"When Chairman Kamath requested me, I was in a dilemma. I had to think very carefully. Then I realised that I was fortunate enough to add value in whatever way I could to previous CEOs too. And after discussions with my family, I decided that as long as I have an opportunity to add value to Shibulal in any manner that is most enjoyable to me in the company of those that I enjoy I said I would have no objection," he said.

Murthy defended Shibulal saying he had 'distinguished himself as a very fine leader' and corporate history bears witness that impact of tough and timely decisions taken by CEOs have come much later.

"First of all let me remind you, it is 11 years since I gave up my CEO position we had.... when Kris Gopalakrishan left his position the company grew at 25 per in dollar terms much above the industry average. So it is not fair to say founder CEOs have not performed well," he said.

He said he would 'add value' to Shibulal's role and that the company should focus on large application development, maintenance and independent validation services.

Kamath, who from Saturday took up the position of Lead Independent Director, said, "the Board has taken this step keeping in mind the challenges that the technology industry and the company faces and in the interest of all stakeholders, particularly shareholders large and small, who have asked for strengthening of the executive leadership during this challenging time."

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