Eight years after he left the role of co-Chairman, 62-year old Nandan Mohan Nilekani is returning to Infosys Ltd as its Non-executive Chairman, the company announced in a press release. Infosys also said that four board members - Chairman R Seshasayee, Prof Jeffry Lehman, Prof John Etchemendy apart from the man who played a pivotal role in the current crisis Vishal Sikka - are stepping down with immediate effect.
Ravi Venkatesan also has stepped down as co-Chairman of Infosys but would continue to be on board. U B Pravin Rao will continue to be interim CEO and MD, said Infosys.
The clamour to get Nilekani back had been unrelenting, ever since on Friday, August 18, Vishal Sikka, the first non-promoter CEO and MD made a dramatic announcement that he would resign after being at the helm for three years. Sikka had said that he could not carry on his "...job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks."
Mr. Nilekani said in the company release "I am happy to return to Infosys, now in the role of non-executive chairman, and look forward to working with my colleagues on the Board and in executive management on the business opportunities we see before us and delivering benefits to our clients, shareholders, employees and communities. I thank Vishal for his service as the CEO of Infosys over the last 3 years and wish him well in his future endeavors."
The company also said it is holding investor calls tomorrow to discuss the announcements. Nandan's return was widely anticipated after the communication between the board and the promoters had detorirated with the board calling Narayana Murthy a bully who forced Sikka to resign.
Nilekani is expected to work with other shareholders to stabilize operations impacted by Sikka's resignation.