IT services giant Infosys on Thursday announced the retirement of Kiran Mazumdar-Shaw as independent director of the board from March 22, 2023, upon completion of her tenure.
The board of India's second-largest software services firm has appointed D. Sundaram as the lead independent director with effect from March 23, 2023 based on the recommendation of the Nomination and Remuneration Committee, according to its stock exchange filing.
Kiran Mazumdar-Shaw was appointed to the Infosys board as an independent director in 2014, and as lead independent director in 2018. She also served as the chairperson of the Nomination & Remuneration Committee and CSR Committee, and as a member of the Risk Management and ESG Committees of the Infosys board.
"The board places on record its appreciation for Shaw's invaluable contribution, guidance, and strategic vision, that has helped the company build and execute a resilient growth strategy," the filing said.
"Sundaram has been on the board of Infosys since 2017. With his expertise and vast experience in finance and strategy, he has been a crucial catalyst for the company to realise its vision for the future," it added.
Sundaram serves on the Audit Committee, Risk Management Committee, Stakeholders Relationship Committee, Nomination & Remuneration Committee and Cybersecurity Risk Sub-Committee.
"We profusely thank Kiran for having been such an integral member of the Infosys family, providing valuable guidance and leadership to the Board over the years. I am personally very grateful to her as she has been a tremendous ally and amazing colleague on the Board, ever since I re-joined Infosys in August 2017. We also congratulate Sundaram on being appointed as Lead Independent Director and look forward to his continued insight and steadfast support as Infosys continues its growth and transformation journey," said Nandan Nilekani, chairman, Infosys.
This comes days after Infosys announced the resignation of its president Mohit Joshi. Joshi will take charge as Tech Mahindra MD & CEO after CP Gurnani retires in December later this year. At Infosys, Joshi headed financial services and healthcare verticals, which accounted for over a third of the entire revenue. His departure at Infosys marks two quick senior exits at Infosys, the other being Ravikumar who left the company in October of 2022 and went on to take up the top job at Cognizant.
Net profit of Infosys rose 13.4% year-on-year to ₹6,586 crore during the quarter ended December 31, 2022, beating analyst estimates. The Bengaluru-based IT giant reported a 20% year-on-year jump in its revenue to ₹38,318 crore during the third quarter compared with ₹31,867 crore in the corresponding period a year ago. The company revised its revenue guidance for FY23 to 16%-16.5% from 15-16% earlier. Operating margin for the quarter stood at 21.5% compared with 23.5% in the year-ago period. Infosys retained its FY23 operating margin guidance at 21%-22%.
In February, Moody's reaffirmed 'Baa1' ratings for Infosys and Tata Consultancy Services (TCS), the country's top two IT companies, but projected the revenue growth of Infosys to be at 13% as against 8% for that of TCS in FY23.
