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Infosys Board to focus on bringing stability: Nilekani (Lead)
Bengaluru, Aug 25 (IANS) The Board of global software major Infosys Ltd would focus on bringing complete stability to the company, said new Chairman Nandan Nilekani on Friday.
“The Board is focused on bringing complete stability to the company. It has also tasked its Committee of Directors to work with the CEO and the management to review and refresh the company’s strategy by October,” he said at a news conference here a day after he returned to the company as its non-Executive Chairman.
Noting that in recent days, there was discussion of the relationship between the Board and company Founder N.R. Narayana Murthy, who established a culture of adhering to high corporate governance standards, Nilekani, who was a co-founder, said the Board believed “it was unfortunate that various differences of opinion have arisen” between them.
“The Board wishes to express that it was not its intention to cause Murthy or any other affected person any personal distress or anguish while stating its point of view,” he reiterated.
On investigations into the anonymous allegations on the conduct of prior management which concluded that there was no wrongdoing, Nilekani said he would get a full briefing and an appropriate course of action would be decided.
Asserting that the Board took the company’s reputation for high corporate governance standards with utmost seriousness, he said it had decided to engage in broad-based shareholder consultations to determine what it could do to ensure adherence to these.
The Board also approved appointment of executive recruitment firm Egon Zehnder to work with its Nominations and Remunerations Committee, headed by Kiran Mazumdar-Shaw, to identify the right candidate for the next CEO and Managing Director. The Committee will also deliberate on the Board’s long-term governance structure and present its recommendations at the Board meeting in October.
Nilekani also said the Board has set up a committee headed by Directors Ravi Venkatesan and D.N. Prahalad to review the business strategy and the $20 billion revenue target by 2020 set by former CEO Vishal Sikka.
He also said it would also be his priority is to make sure the “relationship between the Board and Murthy is harmonious and beneficial because I believe Murthy is an iconic leader and father of corporate governance in India. He is a great visionary who built the company on highest values, integrity and transparency”.
The Board announced that Prahlad would be the Chairman of company’s subsidiary EdgeVerve Ltd with immediate effect.
Nilekani, 62, stepped into the company campus on the city’s outskirts after eight years on Thursday when the Board unanimously invited him to join and steer it out of tumultuous times.
“I have met the Board for the first time on Thursday and then today (Friday)… my priority is to make sure the Board and the employees are on the same page. I have also met the Board members one-on-one and spoke to the some of the employees,” he told reporters after chairing the second Board meeting.
Clarifying he was there because the Board had unanimously invited him to come back, Nilekani said he was “representing everybody, including promoters, shareholders, Board, employees, clients and other stakeholders” with the goal of bringing stability to the company and taking it forward.
Reiterating that he planned to be there as long as it was necessary and not beyond, he said he had set of tasks to accomplish – hiring the next CEO, reconstituting the Board and stabilising its business.
Declining to share details on who approached him first for coming back, Nilekani said the answer was best left for a novel or a book later.
“I am back here because there was nobody else. I was also requested by the co-founders, including Murthy, former employees and the country’s top 12 mutual fund investors,” he said.
On his immediate goals, Nilekani said he would strive to build consensus to take the company forward.
“With the new Board meeting again, the succession or transition is completed. Selection of new CEO is my top priority. I have come here to take stock and help everybody. I have had a record of doing things successfully,” he said.
On Murthy’s demand to make public the investigation report on acquisition of the Israeli software firm Panaya for $200 million in February 2015, Nilekani said he was committed to reviewing the investigations with an unbiased mind.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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