Longtime Infosys (NYSE:INFY) CEO N.R. Narayana Murthy has returned to the company he founded in 1981 as its new executive chairman of the board, Infosys recently announced. The Infosys board approved the appointment, and his new role will now be "placed for the consideration of the company's shareholders" at the annual general meeting scheduled for June 15, according to the release.

As a result of Murthy's appointment, current Executive Chairman K.V. Kamath has stepped down, effective June 1. Murthy has agreed to a five-year term, at a "token" annual salary of 1 rupee. One of Murthy's initial steps will be to create a "chairman's office," which will include his son, Dr. Rohan Murthy, the company announced.

"I am grateful to Mr. K.V. Kamath -- the chairman, the board, and every Infoscion for giving me this opportunity," Murthy said in response to his appointment.

Fool contributor Tim Brugger and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.