‘Replace Venkatesan, Kudva on Infosys Board’

“Nandan (Nilekani, the company’s Chairman) should also complete the board restructuring quickly including replacing the earlier co-chairman and audit committee chairman thereby providing a clean slate board for him (Parekh) to perform to his full capability without any distractions,” former CFO, V Balakrishnan said. Last month also, he had sought the discontinuance of Venkatesan and Kudva after Infosys filed a settlement plea with the SEBI on alleged corporate governance lapses relating to severance payment to its former CFO Rajiv Bansal. 

“It is all the more important to restructure the board and fill it with people of high integrity and stature,” Balakrishnan had said. On opportunities and challenges for Parekh, Balakrishnan today said he had a great opportunity to transform Infosys as he comes with a great pedigree and right background. “His background as a services man with global consulting expertise fits him well for the job. He should ensure he does not commit the mistakes of the past management and stick to core values which Infosys is known for which includes ‘under promise and over deliver’,” he said. 

The obvious challenge for Parekh is the changing technologies and commoditisation of traditional services which is an overall industry issue anyway, Balakrishnan said.