Calling Sikka a transformation leader, Kamath said that he understand the importance of client-connect and him being based out of California should not be a problem.
In an interview with CNBC-TV18's managing editor Shereen Bhan, KV Kamath, lead independent director, Infosys said that the transition process which had started at Infosys two years ago has finally come to an end.
Kamath, who was closely associated with Vishal Sikka's selection , added that CEO selection process was completed in less than two months. Calling Sikka a transformation leader, Kamath said that he understand the importance of client-connect and him being based out of California should not be a problem.
Below is the verbatim transcript of KV Kamath's interview to CNBC-TV18's Shereen Bhan
Q: Let me start by asking you about a conversation we had a couple of years ago when Narayan Murthy had decided to retire and you took over as chairman and at that point in time I asked you if the structure that had been put in place there was you, there was Kris Gopalakrishnan, there was SD Shibulal and then of course there was Narayan Murthy that this was little bit of a situation out of Mahabharat where Draupadi and too many power centers and too many structures in place. Was this a conscious decision this time around to avoid going down that road?
A: Going back two years everyone realised there was a transition going on and that was part of the transition process which had started. Thereafter last year we invited Narayan Murthy back. There again it was very clear the transition was on going and now that transition has come to an end at least from last year to now. To me this was always the end state. You would have a managing director and CEO lead the company going forward, but that would depend on when the executive chairman thought that there was a foundation which was strong enough to take the company forward. His judgement of the board is that structure is now and as such we started to work on CEO selection in April and completed it.
Q: What gives you the confidence that that transition is complete now because the difficult times continue; we have seen an improvement as far as Infosys's quarterly performance is concerned? Vishal Sikka, he has impeccable credentials but he is an outsider, he is going to take time to understand the company.
A: There is a whole lot of work that has been done by Narayan Murthy in the one year that he has been here. And I am sure when you talk to him he is probably the best one to articulate that. But from a board point of view clearly he has gotten all the efficiency and cost structures going as it were and that for an IT company is the key.
On the sale side a whole lot of work has been done, but it is work in process, he knows that. We believe that it can be driven forward by the structure that has been now set in place with the new leader coming in. Of course new leader with a single point responsibility that is at the office of the MD and CEO is a clean structure which is used by most of the companies around the world that is what we said is our desired state and we have reached that state.
You had a second problem about Vishal. Vishal to me is a transformation leader, he is a visionary in the technology space but lot of times when people have looked at his CV, and you are concentrated only in terms of his technology vision and his architecting capabilities. But people forget that he was also executing a large part of the new engine as it were for his previous employer. When we have gone in detail with him and understood his capabilities, his connect with the clients who a lot of them happen to be our own clients.
Thirdly, and most importantly understand where the technology business is going with a clear morphing of platforms and software. We thought that this is a sort of leader that we need who can drive transformation and underpin it with a COO who fits a lot of the bill that you specified, somebody who knows the inside. Along with the COO you have a leadership slate of a dozen or so senior people all with 15-20 years to lead the company into its next evolution.
Infosys stock price
On June 12, 2014, Infosys closed at Rs 3166.60, down Rs 12.15, or 0.38 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2343.00.
The company's trailing 12-month (TTM) EPS was at Rs 177.52 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 17.84. The latest book value of the company is Rs 733.03 per share. At current value, the price-to-book value of the company is 4.32.
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