Infosys chairman Nilekani says to focus on CEO search, new board and strategy

Infosys Ltd’s (INFY.NS) new chairman said he would focus on finding a chief executive, reconstituting the board and future strategy, seeking to calm investors rattled by the recent shock exit of the firm’s CEO over a prolonged row with the founders.

Nandan Nilekani told investors on a call on Friday that he had come in to focus on the future of the company, take the company forward and deal with its challenges, adding that he would stay with the IT services company as long as necessary.

Nilekani, one of Infosys’ seven founders and also a former CEO, was named chairman late Thursday as part of a board shakeup aimed at putting to bed a months-long bitter dispute between key founder Narayana Murthy and the board over alleged corporate governance lapses.

Vishal Sikka, the first non-founder CEO of Infosys, stepped down last week blaming Murthy for creating an “untenable atmosphere”, sparking a sell-off in Infosys shares and wiping billions of dollars off the company’s market value.