Infosys names Kamath as chairman

India's second-largest software exporter Infosys on Saturday named a prominent banker to head the firm as it struggles to boost performance in the face of slow global recovery.

Infosys Technologies appointed K V Kamath as chairman to replace founder N R. Narayana Murthy, who is slated to retire at the age of 65 in August, as part of a raft of changes in its top management.

Kamath is currently non-executive chairman of ICICI Bank, the largest private bank in India.

"I am so happy he (K V Kamath) will be steering the company in the future," Murthy told a news conference, announcing the appointment.

Kamath, who has been an independent Infosys director since May 2009, takes over the helm as India's flagship outsourcing sector faces challenges from a slow recovery in Europe and the United States and currency volatility.

Murthy will be chairman emeritus of the company.

Infosys, seen as a bellwether for the ê60 billion export-focused Indian outsourcing sector, was founded by Murthy and six other entrepreneurs three decades ago with an investment of just ê250.

The appointment comes after Infosys reported fiscal fourth-quarter earnings which disappointed investors and gave a weak outlook for the current financial year.