Nilekkani's return is likely to reassure employees and clients, and quell shareholder concerns after the shock resignation of its Chief Executive Vishal Sikka last week spooked investors and wiped billions of dollars from the company's market value. "Given his credentials, we feel that his joining the board at this stage, will restore confidence of stakeholders in the company and also facilitate resolution of the contentious issues that Infosys is facing now".
Nilekani made it clear that as the non-Executive Chairman, his role will be oversight, governance and functioning and to help with the CEO search that will include internal and external candidates as well as Infosys "alumni".
Infosys has appointed Nandan Nilekani as its non-executive chairman with immediate effect.
Nilekani, however, refrained from commenting on Infosys' future strategy, apart from saying it would be aligned with global developments and that he saw tremendous opportunity in software, data and machine learning.
Former MD and CEO was on Thursday named as non-executive chairman to steer Infosys out of mess.
He said because of the "abuse" of Murthy by the Board, all the employees are "angry and upset". "I am an admirer of NR Narayana Murthy, and will ensure that Infosys, Murthy and other founders have a healthy relationship", said Nilekani.
With an estimated net worth of $1.7 billion, Nilekani is a serial investor and has put money into over a dozen startups. Nilekani, the architect of Aadhaar, co-founded Infosys 36 years ago at the age of 26.
The new chairman has already had at least one round of talks with company's top leadership, including interim CEO UB Pravin Rao, CFO Ranganath D. Mavinakere, Deputy COO Ravi Kumar S, Mohit Joshi, head of financial services, the company's biggest unit, and head of strategy Deepak Padaki. He has been replaced by former CEO and vastly experienced Nandan Nilekani.
Infosys whose net profit stood at just Rs 954.77 crore in FY03, reached to a whopping Rs 3,856 crore by end of FY07 - an increase of over four-folds between 2002 - 2007. The company reported revenue of about $2.6 billion Dollars in Q2 of 2017 as it began further expansion into the U.S. in May, Sikka had pledged to open a technology and innovation office this year in IN that would create as many as 10,000 jobs.
"The math has to work out for Nilekani to return".
In an investors' call that had over 600 participants, Nilekani said: "I plan to be here (with the company) as long as it is necessary and I will not be here as soon as I am not necessary".