N R Narayana Murthy, one of India Incorporated's much-celebrated icons, and chairman and chief mentor of Infosys Technologies, the country's second-biggest software services exporter, will step down from his position on August 30 this year.
Citing company rules as the reason, Murthy said that at the age of 60, people relinquish their executive positions. He said that he would be thrilled and privileged if the Board in its meeting on July 10 and July 11, decided to ask him to continue as non-executive chairman, while the role of chief mentor goes to a smarter person.
The Infosys Board will announce the name of the successor to Murthy on July 11, 2006.
Nandan Nilekani, chief executive officer, Infosys, said that they would be happy to have Murthy continue as chairman, as they value his direction and guidance.
Talking about his retirement, Murthy said that as he is on the advisory boards of many universities in the US, Europe, and Asia Pacific, a large part of his time is spent outside the country, and that this would definitely keep him busy. Although Murthy plans to open office at his house, he says he might just visit Infosys once-in-a-month or so.
Offering an insight into his vision for Infosys in the next 25 years, Murthy said it is not enough just to achieve targets, operational goals, innovation, and financial performance. He said he would like Infosys to be a place where people of different genders, nationalities, races, and religious beliefs work together in an environment of intense competition but utmost harmony, courtesy, and dignity, to add more and more value to customers day-after-day. Murthy added that he would like more women leaders to shape the future of Infosys.