Seshasayee appointed non-executive chairman of Infosys (16:26)

Bengaluru: Indian IT bellwether Infosys Ltd today announced Ramaswami Seshasayee has been appointed as its non-executive chairman in place of K.V Kamath, who stepped down from the post following his nomination as president of the $50 billion BRICS' development bank.

"The company's board unanimously approved appointment of Seshasayee as non-executive chairman of the board with immediate effect," the global software major said in a statement here.

Seshasayee, 67, has been an independent director on the company's board since January 2011 and is chairperson of the audit committee.

"The board has made the most appropriate choice in nominating Seshasayee as my successor, given his vast and varied experience in leading large public companies and his strong contribution to Infosys, during the last four years of his association. Infosys will benefit greatly from his sagacity," Kamath said.

Seshasayee is also the non-executive vice-chairman of Ashok Leyland Ltd in Chennai and chairman of IndusInd Bank Ltd in Mumbai.

"Infosys is an iconic company and I am thankful to Kamath and the board for entrusting me with this privilege," Seshasayee said.

To devote requisite time and attention to the new responsibility, the new chairman plans to substantially disengage from his other responsibilities in due course.

"I look forward to working closely with the board and management team as we navigate this period of transformation for the company," Seshasayee added.

Infosys chief executive Vishal Sikka thanked Kamath for his contribution to the company and wished him best.

"Kamath has been a great mentor to me personally and I look forward to his continued guidance as a well-wisher of this company," he said.

Welcoming Seshasayee's appointment, Sikka said he was excited to work with him to accelerate the company's plans for the future.