It's the end of an era for Infosys. 30 years from its inception, founder and chief mentor Narayana Murthy will step down in August 2011 giving way to KV Kamath, the current non-executive Chairman of ICICI Bank. Kamath as been an independent director on the Infosys board since May 2009.

The other contender for the post was Kris Gopalakrishnan, the current CEO of Infosys, who is both a co-founder and the man responsible for making Infosys one of the top three IT firms in the country. Kris has been elevated as the executive co-chairman. "He would continue to work on customer-employee-investor connect," outgoing chief Murthy told reporters.

With this, SD Shibulal, the current chief operating officer, has taken over as the chief executive officer and managing director of Infosys.

Having known Kamath for 41 years, Murthy appeared pleased with all three appointments. "Kamath has been an extraordinary leader at ICICI. The nominations panel has been looking for new chairman for over a year and the unanimous opinion of the panel was to strengthen customer-employee-investor connect."