KV Kamath, the non-executive Chairman of the Board of Directors of ICICI Bank Limited,

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India's second largest bank, will be the chairman of Infosys, effective 21 August 2011, NR Narayana Murthy, who will be the Chairman Emeritus for lifetime, made the much-awaited announcement at the Infosys campus, amid applauds from Infoscians, and some curious journalists, while Mohandas Pai, was busy working on his iPad and occasionally tapping the bench to join the applauds.

Kamath has been appointed as the chairman after the nomination committee, comprising, Jeffery Lehman, KV Kamath, and Deepak Satwalekar, deliberated for four months.

Kris Gopalakrishnan, in his new role co-chairman of the board, the ‘elderly brother’ figure for Infoscians, will add value in the area of customer, employees, and investor connects, Murthy said. Murthy further said, he has made Infosys a $6 billion company (as of 31 March 2011) from $3 billion, while retaining net income margin, and steered the company successfully during recession.

SD Shibulal has been appointed as CEO and MD. Murthy became nostalgic and narrated an incident that happened 30 years when both were colleagues in Patni.

A day at Patni. Shibulal went and updated about a very complex things about a systems software to Murthy, who told the former that Shibulal will not step out of the office until he completes the task. Two days later, when Murthy came to office around 1 AM, after a dinner meeting with a client, he saw Shibulal at office. He casually asked the security guy who that person is. The security replied he is “An unfortunate guy who has a bad boss, who has told him not to go home until he finishes his task.” Murthy narrated this incident to emphasis on Shibulal’s commitment.

About the new chairman, Murthy said KV Kamat is an extraordinary leader, who he said has made a major development in financial institution universal, which is a great achievement in corporate India.