Addressing his last annual general meeting (AGM), Infosys chairman NR Narayana Murthy on Saturday spoke about the initiatives taken by him in the past one year, saying they had the potential to change the DNA of the IT major. However, he also admitted they had diluted focus on meritocracy and accountability during the past decade.
Addressing shareholders, Murthy said, “To build a stronger foundation for the future we also started some strategically critical initiatives, which, I believe, if continued, have the potential to change the DNA of the organisation for the better in the medium to long term. I believe each of these initiatives will change not just Infosys, but ultimately the IT industry as well.”
Murthy stepped down as executive chairman on Saturday and will continue in a non-executive position till October 10 to facilitate the taking over of newly-appointed chief executive officer Vishal Sikka. Murthy will once more be chairman emeritus with effect from October 11.
Of the initiatives taken in the past one year, he mentioned measuring productivity of employees, increasing automation, technology competence, greater employee connect and education.
Murthy emphasised on innovation as the key differentiator for the company going forward. “We have several new initiatives that are on the drawing board. These range from bringing in a new culture of innovation into the company via various means and connecting better with the ecosystem of innovative start-ups in the US and India.” He said many of the new initiatives were conceived, implemented and pushed forward by his son, Rohan.
On the dilution of meritocracy and accountability, Murthy said, “I set about identifying hidden jewels in the company and giving them opportunity to lead its resurrection, and identifying not-so-well performing people and moving them to tasks they they were best suited for.”
Murthy remarked that Infosys will continue to remain a technology company. “We must stay ahead of the curve in our technical culture, thought and competence. This is not a fetish about technology. Rather, this is the critical need we have today to reinvent and differentiate ourselves in the market place.”
Murthy's departure is also expected to bring some changes in the board of directors. Two independent directors, Omkar Goswami and Jeffrey Lehman, will be retiring. The company has already inducted Carol
M Browner as an independent director.
Infosys has also announced the elevation of 12 senior vice presidents to the position of executive VP with additional responsibilities. They are Rajiv Bansal,