Promoter to shareholder, a long journey for NR Narayana Murthy

BANGALORE: NR Narayana Murthy declined to take up the ceremonial title of chairman emeritus at the company he founded citing Infosys’ high corporate governance standards and (the need) to avoid any perceived conflicts.

When Infosys announced appointment of Vishal Sikka as CEO in June, it said Murthy would be designated chairman emeritus— a title designated to him in 2011, after he stepped down from Infosys’ board. With all seven founders retiring, Infosys will seek the approval of Sebi to reclassify them as public shareholders instead of promoter-shareholders.

“The founders have neither association with the company nor exercise any control over the affairs of the company,” Infosys said.

The founders and their family members, together, own 15.94% stake in Infosys. If the reclassification is allowed, promoter-shareholding in the company will fall to zero. Earlier this week, at a farewell for Kris Gopalakrishnan, the last of Infosys' cofounders to retire from the company, Murthy said the biggest highlight of his over-three-decade journey at Infosys was seeing the company listed at Nasdaq in 1993.



“Sitting on a tri-stool in front of scorching lights at Nasdaq and being the first Indian company to be listed on the exchange…I borrowed words of Neil Armstrong and said it’s a small step for Nasdaq but a giant leap for the Indian software industry. I think that was the high point,” said Murthy.

Murthy, however, declined to share any low points in his long journey, saying: “I don't know if there has been any low point, because I do things in a very positive way.”