Infosys Limited announced that in a meeting held on Friday, the company's Board unanimously approved the appointment of R. Seshasayee as Non-Executive Chairman of the Board with immediate effect.

K V Kamath is stepping down from his position as Chairman of the Board and as an Independent Director of the Company, consequent to his nomination as President of the BRICS New Development Bank.

Commenting on the appointment, outgoing Chairman K V Kamath said, "The Board has made the most appropriate choice in nominating Mr. Seshasayee as my successor, given his vast and varied experience in leading large public companies, and his strong contribution to Infosys, during the last four years of his association. Infosys will benefit greatly from his sagacity."

Seshasayee has been an independent director on the company's Board since January 2011 and is the chairperson of the Audit Committee. Seshasayee is also Non-Executive Vice Chairman of Ashok Leyland and Chairman of IndusInd Bank. 

"On behalf of all Infoscions, I would like to thank Kamath for his extraordinary contribution to Infosys over the years and wish 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," said Vishal Sikka, Managing Director & CEO, Infosys.

"I warmly welcome Seshasayee's appointment as Chairman. We have a lot to do and I am excited to work with him to accelerate our plans for the future," he added.