Infosys gains for third consecutive day on hopes of Nilekani's return


"The company also said it is holding investor calls tomorrow to discuss the announcements".

The appointment of Nilekani, 62, has been unanimously approved and is effective immediately, Asia's second largest outsourcer said in a statement following a meeting of the board.

On 18 August, the day Sikka announced his resignation, investor advisory firm Institutional Investor Advisory Services (IiAS) said it favoured Nilekani being brought back on the board as its non-executive chairman.

Soon after Vishal Sikka's resignation, the entire board barring Punita Sinha and Roopa Kudwa had offered to resign.In a letter to all stock exchanges, Company Secretary AGS Manikantha confirmed that Nandan Nilekani will be the Chairman of the board of directors at Infosys.

"Many investors are asking for Nilekani to come back".

The appointment of Nilekani comes days after CEO Vishal Sikka resigned, saying he was unable to serve as chief executive amid a "continuous assault" by founder Narayana Murthy.

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Sikka was brought in as the companys first non-founder CEO in June 2014, prior to which the position was held by one or the other founder.

Nilekani, having worked a lot of time with co-founder N R Narayana Murthy, will also put the latter at ease with regards to the corporate governance issues that he has been raising.

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Nilekani returns to the Bengaluru-headquartered company at a time when Indian outsourcers have been dented by cautious client spends in their biggest market, the United States, and as they brace for changes to a USA work visa programme they have heavily relied on in the past to fly engineers into the country. "In case of any development, we will inform the media in due course", said the company in a statement to IANS.

After serving in various posts including MD and president, Nilekani became the CEO in March 2002 and served till 2007. Sikka is not like the former CEOs that he is not one of its founders as he spends more time in USA from where the company acquires the majority of its proceeds.

Further, Nilekani also met both Prime Minister Modi and Finance Minister Arun Jaitley, according to government sources. Nilekani was allegedly persuaded to return by several board members and big investors, and is expected to help the company come out of the rough patch left in the wake of Sikka's sudden resignation. They have told me umpteen times that Dr Sikka is not a CEO material but CTO material.