IT major Infosys Friday appointed Board member R Seshasayee Non-Executive Chairman in place of K V Kamath, who is set to take over as head of the New Development Bank of the BRICS group in July.

r seshasayee chairman infosys

Seshasayee, whose appointment is with immediate effect, has been an Independent Director on the company’s Board since January 2011 and is the chairperson of the Audit Committee.

Kamath, an eminent banker, is stepping down as Chairman and Independent Director of the company, consequent to his nomination as President of the New Development Bank, the company said in a release.

Seshasayee’s other board positions include Non-Executive Vice-Chairman of Ashok Leyland and Chairman of IndusInd Bank.

Kamath said: “I am proud to have served as a member of the Infosys Board and as its Chairman… the Board has made the most appropriate choice in nominating Mr Seshasayee as my successor.”

Kamath noted that given Seshasayee’s vast and varied experience in leading large public companies and his strong contribution during the past four years of his association, “Infosys will benefit greatly from his sagacity”.

Infosys CEO & Managing Director Vishal Sikka thanked Kamath for his extraordinary contribution to Infosys over the years and wished 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,” he said.

“I warmly welcome Mr Seshasayee’s appointment as Chairman. We have a lot to do and I am excited to work with him to accelerate our plans for future.”

Kamath succeeded N R Narayana Murthy as the Non-Executive Chairman of Infosys on October 11, 2014.

“I look forward to working even more closely with the Infosys Board and management team as we navigate this period of transformation for the company,” Seshasayee said.