IT services major Infosys Ltd has appointed R Seshasayee, a veteran with Hindujas-controlled commercial vehicles manufacturer Ashok Leyland, as non-executive chairman, according to a press release. His appointment is effective immediately.
Seshasayee replaces ICICI Bank veteran KV Kamath who is the first head of BRICS-led New Development Bank. Kamath has stepped down as an independent director of Infosys.
A chartered accountant by education, Seshasayee started his career with Hindustan Lever in 1971. After a five-year stint at the FMCG giant, now renamed Hindustan Unilever Ltd, he joined Ashok Leyland in 1976 and rose to become executive director (finance) in 1983 and was elevated as deputy managing director in 1993 and managing director in 1998. He became executive vice chairman of Ashok Leyland in 2011, and is presently non-executive vice chairman of the company.
During his tenure as managing director from 1998-99 to 2010-11, Ashok Leyland’s turnover increased five times to Rs 12,093 crore, net profit 30 times, and market cap 14 times.
Seshasayee has been chairman of IndusInd Bank since 2007 and is also vice chairman Hinduja Group India.
Previously he was on the board of ICICI/ICICI Bank during 997-2003 and had joined Infosys board as an independent director in January 2011.
Seshasayee is also chairperson of the audit committee at Infosys.
“On behalf of all Infoscions, I would like to thank Kamath for his extraordinary contribution to Infosys over the years and wish him the very best. He has been a great mentor to me personally and I look forward to his continued guidance as a well-wisher of this company, and I warmly welcome Seshasayee’s appointment as chairman. We have a lot to do and I am excited to work with him to accelerate our plans for the future,” said Vishal Sikka, MD and CEO, Infosys.
Sikka had taken over as the first non-founder CEO of India’s second-largest IT services firm a year ago.