Vivid News 24: Narayana Murthy, the founder of Infosys, claimed he was “absolutely wrong” to prohibit promoter-founders’ families from holding positions of responsibility within the organization. The action would have facilitated the succession process if it had been permitted, he continued.
Murthy stated that he wanted the company’s future to be successful and that he was concerned that some people might appoint deserving folks to significant roles.
Regarding succession planning at the company, he told Economic Times, “I was denying this organization of genuine potential, so I take back whatever I said. He was addressing on Wednesday in Bengaluru at an event honoring Info’s 40th anniversary.
The “largest,” according to non-executive chairman Nandan Nilekani, was finding a successor for himself and a succession plan for Infosys. As long as a candidate has the best competency for the position, Nilekani continued, “the correct applicant need not care about their nationality, heritage, or whose children they are.”
He continued by saying that there was no “Plan B” and that when he leaves, he will transfer the chairmanship to a non-promoter. Nilekani continued, “I have to ensure that I carry through his (Murthy’s) vision of setting up the leadership structure, the appropriate people, and the right principles to take it forward when I leave the scene.
He stated that he would remain with the business for “as long as required,” but it is unlikely that he would stay through the 50th anniversary of the business. Cofounders Kris Gopalakrishnan, K Dinesh, and SD Shibulal were also in attendance, as well as Infosys CEO Salil Parekh.
With an initial investment of Rs 10,000, the company was founded in 1981 by seven engineers: Murthy, Nilekani, Gopalakrishnan, Dinesh, Shibulal, NS Raghavan, and Ashok Arora. The software juggernaut had a market value of Rs 5.78 lakh crore as of Wednesday’s market close.
The Indian multinational company employs more than 3.45 lakh people worldwide and has a presence in more than 50 nations. Murthy still owns a small portion of Infosys. He is one of the wealthiest people in India with a net worth of $3.5 billion (Rs 25.5 thousand crores).