Vishal Sikka resigns as Infosys CEO, company says no change in buyback plans
Vishal Sikka, the first non-founder CEO of Infosys, resigned from the company following months of acrimony with high-profile founders, led by NR Narayana Murthy, citing “malicious” and “personal attacks” on him
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Vishal Sikka, the first non-founder CEO of Infosys, resigned from the company on Friday following months of acrimony with high-profile founders, led by NR Narayana Murthy, citing “malicious” and “personal attacks” on him. AP
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While Sikka did not name Murthy for his exit, the board of the $10 billion firm blamed him for “continuous assault” through “factually inaccurate” and “already-disproved rumours” for the sudden resignation “despite strong board support”. PTI
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Murthy, who left all board positions at Infosys before Sikka began his five-year term in August 2014, launched a counter-offensive saying that all he wanted as a shareholder was good governance and had neither questioned Sikka’s work nor sought money or position for his children. Getty Images
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Murthy first released a short statement expressing “extreme anguish” over the “allegations, tone and tenor” of the Infosys board statement. He then went onto release a 9-page letter he had written to the company advisors on 14 August where he raised issues of “plummeting” corporate governance since September 2015. He promised to reply to the allegations “in the right manner” and “in the right forum and at the appropriate time.” AP
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In marathon investor calls and media briefing, Infosys Chairman R Seshasayee said anonymous complaints of alleged misdeeds in the acquisition of Israeli firm Panaya are being repeated over and over again despite two independent probes not finding any wrongdoings. He countered Murthy’s assertion that the “whistle-blower complaint” was probed by a set of lawyers hired by a set of accused and such a report gave a clean chit to the accused. He attributed non-release of the full probe report to confidentiality clauses. AP
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While Pravin Rao, currently chief operating officer, has been named interim CEO, Sikka will become executive vice-chairman and will be paid $1 in annual salary. Sikka will help the company search a new MD and CEO and the deadline has been set for 31 March, 2018. PTI
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