The board of directors of Infosys today selected independent director KV Kamath as the new chairman of Infosys Technologies. He will replace Infosys founder and current chairman NR Narayana Murthy who will retire on August 20 after completing 65 years of age.
This will be the first time when Infosys will be led by an outsider.
Mr Kamath is a well known figure among India Inc. He was the CEO and MD of India's largest private sector bank, ICICI Bank, for 13 years. Currently he serves as the non-executive Chairman of the Board of Directors of ICICI Bank Limited.
On the appointment , CEO and MD of ICICI Bank of Chanda Kochar said, "He gives a lot of freedom to the executive management and at the same time, he is available for any advice we need. He has played the role of non-executive chairman in true sense of the word."
Infosys would benefit immensely from the foresight of Mr Kamath. "He has always identified future trends and opportunities ahead of others. He has always looked beyond the immediate boundaries and identified future horizons of growth," Kochar added.
Mr Kamath was born on December 2, 1947, in Mangalore, Karnataka where he spent most of his early years. He has a degree in mechanical engineering and did his management studies at the Indian Institute of Management, Ahmedabad.
He started his career in 1971 at ICICI, an Indian financial institution that founded ICICI Bank and merged with it in 2002. In 1988, he moved to the Asian Development Bank and spent several years in South-East Asia before returning to ICICI as its Managing Director & CEO in 1996.
Under his leadership, the ICICI Group transformed itself into a diversified, technology-driven financial services group that has leadership positions across banking, insurance and asset management in India, and an international presence.
He retired as Managing Director & CEO in April 2009, and took up his present position effective May 1, 2009.
Mr. Kamath was conferred with the Padma Bhushan, one of India's highest civilian honours, in 2008.