Business/Economy

Ravi Venkatesan resigns as independent director of Infosys

Ravi Venkatesan resigns as independent director of Infosys

Ravi Venkatesan, the former co-chairman of Infosys Ltd, resigned from the post of independent director at India’s second-largest IT outsourcing company, the company said today.

Infosys, in a filing to the exchanges on Friday, said that Venkatesan, who joined the board in 2011, had decided to step down as the former head of Microsoft India wanted “to pursue an exciting new opportunity”.

"I joined the board at a time when Infosys was beginning the complex journey of transitioning from founder-led to professional management. This was also a time of tectonic industry shifts. I am pleased that this mission has been accomplished. Infosys is strong, in good hands, and is gaining momentum," Venkatesan said.

An independent director since 2011, Venkatesan also served briefly as co-chairman before successfully transitioning this responsibility when Nandan Nilekani became chairman in August 2017.

It may be recalled that India's second largest IT exporter, Infosys, had seen a protracted stand-off between its founders led by NR Narayana Murthy and the previous management over issues of corporate governance and compensation to former executives.

Last month, Infosys elevated Kiran Mazumdar-Shaw as the lead independent director.

At least one proxy advisory firm believed that Venkatesan could have completed his current term—it was to end in April 2019—and that his resignation from the company reflects the board reconstitution, with more changes not ruled out in coming months.