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Infosys appoints Ravi Venkatesan as co-Chairman amid calls from founders to diversify the board

The board expansion comes against the backdrop of an ongoing tussle between the founders and the management over contentious issues such as CEO salary hike, severance package to former employees and corporate governance standards.

BT Online | April 13, 2017 | Updated 15:00 IST
Infosys appoints Ravi Venkatesan as co-Chairman
Photo: Infosys

Infosys on Thursday appointed Independent Director Ravi Venkatesan co-Chairman amid calls from founders to diversify the board.

The board expansion comes against the backdrop of an ongoing tussle between the founders and the management over contentious issues such as CEO salary hike, severance package to former employees and corporate governance standards.

"Ravi will help me enhance the board engagement in supporting the management in execution of the company's strategy," R Seshasayee, Infosys Chairman, said in a statement.

Venkatesan, who has been on the Infosys board since April 2011, has made "valuable contribution to the development of strategic direction of the company during his tenure", the company said.

"This is an exciting time for the technology industry and I am delighted to have the opportunity to work more closely with Sesh (Seshasayee), Vishal and his leadership team in their transformational journey," Venkatesan said.

The country's second-largest IT services firm Infosys announced their fourth quarterly results.

India's second-largest software exporter Infosys on Thursday posted a consolidated net profit of Rs 3,603 crore for the January-March quarter of FY17.

The company had posted a consolidated net profit of Rs 3,708 crore in the October-December quarter of FY17.

While profit rose marginally year-on-year to Rs 3,603 crore, the firm's revenue increased 3.44 per cent year-on-year (YoY) to Rs 17,120 crore. However, consolidated revenue of the company declined 0.89 per cent quarter-on-quarter (QoQ) compared with Rs 17,273 crore in the previous quarter.
 
The IT major will also pay up Rs 13,000 crore as dividend/share buyback - 20 per cent net worth of Infosys. The board announced dividend of Rs 14.75 per share.

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