Mumbai: Infosys saw a major top management re-shuffle today ,N R Narayana Murthy has returned to Infosys as Executive Chairman of the Board. Murthys son, Rohan has been appointed as his Executive Assistant.

This decision was taken at a board meeting held earlier today.The appointment will be with effect from June 1, 2013. He replaces current chairman K V Kamath, who will become lead independent director . The current executive co-chairman S Gopalakrishnan will be re-designated executive vice chairman, while current chief executive officer S D Shibulal will remain in his position as said in the satement by Infosys.

“The Board has taken this step keeping in mind the challenges that the technology industry and the company faces and in the interest of all stakeholders, particularly shareholders large and small, who have asked for strengthening of the executive leadership during this challenging time,” Kamath said.

Accepting the position, Murthy said the calling was “sudden, unexpected and most unusual”.”Infosys is my middle child… I accept the responsibility,” he said.

The IT services firm, which has been grappling with a string of disappointing results and loss of market share, recalled its founder and former chairman to act as executive chairman for five years. During his tenure Murthy would draw a token compensation of Re 1 per year and his son Rohan has also requested for token compensation of Re1 per year.

Both Gopalakrishnan and Shibulal have  requested that they draw a compensation of Re 1 per year and the Board has accepted their requests, subject to necessary shareholder and government approvals.Rohan Murtys term as Executive Assistant to the Chairman would be co-terminus with that of Narayana Murthy. 

In August 2011, Kamath was appointed Chairman, succeeding Murthy, who was made the Chairman Emeritus post his retirement. Also, the then CEO and MD S Gopalakrishnan  was elevated as the executive co-chairman, while COO S D Shibulal filled in Mr Gopalkrishnans position.

At the Annual General Meeting (AGM) on June 15, 2013. Murthys appointment as a Director would be placed for consideration of shareholders.

Mr Narayana Murthy had established Infosys with about USD 250 in 1981. In the last 30 years, they have made it one of the most respected  and reputed names in the software outsourcing sector.