Infosys inducts ICICI’s K V Kamath on board
05 May 2009
Bangalore-based Infosys Technologies Ltd has taken on board as a non-executive director Kundapur Vaman Kamath, the man credited with having created ICICI Bank. Infosys ays that its board of directors has appointed Kamath as an additional director to the Infosys board with immediate effect.
The nominations committee of the board had earlier recommended Kamath's induction to the board. He will serve as an additional director till the annual general meeting of the company, to be held on 20 June, when his appointment as a non-executive director will be put up for approval. With the induction of Kamath, The Infosys Board will have 16 directors, Infosys said in a statement released in Bangalore and Mumbai.
Welcoming Kamath to Infosys' board of directors, N R Narayana Murthy, chairman and chief mentor of Infosys, said Kamath is an outstanding corporate leader. His success in creating a grand vision for ICICI Bank and implementing it to make ICICI the country's largest private sector bank is a rare example of excellent leadership that is at par with the best in the corporate world internationally.
"His contribution to the Infosys Board will be significant. I welcome him and look forward to working with him to make this company even more successful," Murthy added in the release.
Kamath is currently the non-executive chairman of the board of directors of ICICI Bank Ltd. He demitted his earlier office at ICICI on 30 April and was re-appointed as non-executive chairman.
Kamath, an IIM-A alumnus, will join two other directors of ICICI Bank who sit on the Infy board. Currently the board comprises four of the Infosys promoters - Nandan Nilekani, Kris Gopalakrishnan, S D Shibulal and K Dinesh. The two non-promoter board members are TV Mohandas Pai and Srinath Batni.
The non-executive directors include Omkar Goswami, Rama Bijapurkar, Prof Jeff Lehman, David Boyle, Marti G Subrahmanyam, Sridhar Iyengar, Claude Smadja and Deepak Satwalekar, the lead independent director.
''Infosys prides on its independent directors,:said V Balakrishnan, Infy's chief financial officer, adding, "Kamath built up a global organisation and this experience would also help us immensely.''