Bangalore, April 30 (IANS) In a significant shift in company’s policy, India’s IT bellwether Infosys decided to have non-founder chairman on its board up to the age of 70 and co-founder chairman up to 65 years, an official said late Saturday.
‘The board has decided to have the retirement age of its non-founder chairman up to 70 years while its co-founder chairman will step down when they reach 65 years,’ company’s new co-chairman S. Gopalakrishnan told IANS here.
In the light of the policy shift, newly appointed chairman K.V. Kamath, who is 63, will be able to continue at the helm till 2017 if his three-year contract is extended by the board in 2014.
Jeffery S. Lehman, the company’s nominations committee chairman and independent director, said the decision to extend the age of non-founder board chairman was taken three years ago to select the best available talent globally in the changing dynamics of business.
Gopalakrishnan said: ‘In order to get an excellent candidate who can head the board and lead the company, we have enhanced the age of non-founder chairman to 70, as co-founders took a conscious decision long ago to step down from the company’s any official postings on completing 65 years.’
The company did not specify how many shares he would hold or his salary, including perks as the new chairman.
