Infosys, one of the India's leading software exporters, announced that the board of directors appointed R. Seshasayee as non-executive Chairman of the board with immediate effect.

The board of directors accepted K.V. Kamath's resignation from his position as chairman of the board and as an independent director of the company with immediate effect, consequent to his nomination as the president of the BRICS New Development Bank.

Commenting on the appointment, outgoing chairman K,V Kamath said, "I am proud to have served as a member of the Infosys Board and its chairman. The board has made right choice in nominating Seshasayee as my successor, given his vast and varied experience in large leading public companies and his strong contribution to Infosys, during the last four years of his association. Infosys will benefit strongly from his sagacity."

Seshasayee said, "Infosys is an iconic company and I am thankful to Kamath and the board of directors for entrusting me with this privilege. In order to devote requisite time and attention to this responsibility, it is my intention to substantially disengage from my other current responsibilities in due course."

Shares of the company declined Rs 15.95, or 0.79%, to settle at Rs 2,012.10. The total volume of shares traded was 119,906 at the BSE (Friday).