A self-proclaimed common man who created uncommon wealth for shareholders, employees and the founders got a warm farewell at the 30th annual general meeting of Infosys. N R Narayana Murthy on Saturday chaired the AGM for the last time as he hangs up his boots in August at Infosys — his “middle child”.
Addressing shareholders, among whom sat people with just 15 shares and those with lakhs, Murthy said: “I am an average person with many below-average attributes…. My little story should be a confidence-booster for every average person in the world (so) that he or she can make a difference, at least in a small way, to this world.”
Such typical humility apart, what’s incontestable is the fact that Murthy will go down as the architect of one of the biggest wealth-creation stories inIndia. Infosys employees, through stock options, have benefited to the extent of Rs 50,000 crore as the company has distributed 27% of its equity among them. The dividend distributed among the shareholders amounts to Rs 11,623 crore. The market capitalisation of Infosys, with 4.5 lakh shareholders, has annually grown at a compounded rate of 50% since 1994, making it India’s second most valued technology company.
Watched by his newlywed son Rohan, daughter-in-law Lakshmi, wife Sudha and the families of other founders and senior executives, Murthy said turning 30 — Infosys is in its 30th year of operations — is a good time to reflect and look ahead. Thirty is also a time to break new ground.
The company, which announced four new members to its board — V Balakrishnan, Ashok Vemuri, BG Srinivas and Anne Fudge — is positioning itself for a new version: Infosys 3.0. Murthy said: “The crucial things we have to do are: be firm in pursuing our values, recognize our weaknesses, embrace meritocracy, be open-minded about learning from people better than us, learn from our mistakes and not repeat them, be humble, honest and courteous, be firm in taking quick decisions.”
“The Infosys journey has been an integral part of my life. My colleagues say Infosys is an inseparable part of me, and I am an inseparable part of Infosys. I have been a No. 1 actor in every major decision taken in this company so far. I have rejoiced in every milestone of the company.” He admitted: “It is not easy for me to deliver my last address at this forum. As I speak, a mosaic of images from the past whizz through my mind. The list seems endless, and it would be difficult to narrate them all. The day we assembled in my tiny apartment in Mumbai to decide that respect from every shareholder was the most valuable thing for us, was momentous.
