Infosys, one of the India's leading software exporters today said the board of directors has announced management change decisions. Narayana Murthy will cease to be non-executive chairman effective Oct. 10, 2014. He indicated that in line with the company's high corporate governance standards and to avoid any perceived conflicts, it would not be appropriate for him to be the Chairman Emeritus of Infosys. The board accepted Murthy's decision and sincerely thanked him for his vision, leadership and guidance in making Infosys a globally respected company.

S Gopalakrishnan will cease to be the non-executive vice chairman effective Oct. 10, 2014. The board expressed its deep sense of appreciation for the services rendered by him during his tenure at Infosys.

K V Kamath has been elected as the chairman of the board effective Oct. 11, 2014.

The company has been classifying its founders, Narayana Murthy, Nandan Nilekani, S Gopalakrishnan, S D Shibulal and K Dinesh along with their immediate family members as promoters/ promoter group of the company in applicable disclosures with the stock exchanges and other regulatory authorities.

With the last two founders, Narayana Murthy and S Gopalakrishnan remitting office, the founders have neither association with the company nor exercise any control over the affairs of the company after the current date. The founders have therefore requested the company to seek appropriate classification of their revised status. The company is in the process of seeking appropriate regulatory guidance on the same.

Shares of the company gained Rs 227.45, or 6.24%, to trade at Rs 3,873.00. The total volume of shares traded was 348,137 at the BSE (10.13 a.m., Friday).