Infosys on Friday said that its independent director Ravi Venkatesan has resigned from the Board with immediate effect. In a filing to the stock exchange, the Bengaluru based company said, Venkatesan was stepping down to take up an “exciting new opportunity” outside the company.
This is the first board level exit in the company after co-founder Nandan Nilekani returned to the Bengaluru-headquartered company as the Chairman of the Board of Directors in August last year.
“I thank Ravi for his pivotal contributions to Infosys in a period of important transitions and towards a digital-first future,” said Nilekani. “Ravi has been a champion for driving social impact and it is desire to do more, that led to his request for stepping off the Board. I am delighted that he will be pursuing an exciting opportunity in this area,” he added.
Venkatesan, a former Microsoft India chairman, had joined Infosys Board in April 2011 as an additional director, and even had served as co-chairman for a brief period last year when the company’s board then led by R Seshasayee was at the receiving end over the allegations of corporate governance issue, raised by founder N R Narayana Murthy. His elevation was seen as a measure to negotiate for a settlement between the board and the founders.
“I joined the Board at a time when Infosys was beginning the complex journey of transitioning from founder-led to professional management,” said Venkatesan in a statement. “I am pleased that this mission has been accomplished. Infosys is strong, in good hands, and is gaining momentum. My seven years on the board have been exciting, rewarding and eventful.”
Last month, after the company decided to put on block – Panaya and Skava - two controversial acquisitions made by former CEO Vishal Sikka, an anonymous whistleblower wrote to the market regulators in India and the US, requesting to fix the accountability of the wrongdoing on the four independent board members including Venkatesan who were part of that decision.
“My question to you as the regulator is where is the board accountability in this whole transaction? The members of the earlier board – Ravi Venkatesan, Kiran Majumdar, Punita Sinha and Roopa Kudva – who participated in approving and defending these acquisition are still in the current board,” the whistle blower had stated in the mail at that time.
After the exit of Venkatesan, Infosys board strength is now reduced to eight members including two executive directors.