Infosys board issues point-to-point rebuttal in press release to co-founder Narayana Murthy, backs CEO Vishal Sikka
The Infosys board is backing outgoing CEO Vishal Sikka as he exited today after months of receiving sniper fire from the company’s co-founders N R Narayana Murthy and Nandan Nilekani.
The stock was the worst performer among the bluechips on both the key indices today, after Vishal Sikka, the first non-founder CEO of the company, resigned.
This is the first time that the board has openly lashed out against Narayana Murthy ever since he began his critique against Sikka and the management.
Vishal Sikka was a far-thinking transformer; how well do you know him? Here's a 10-point cheat-sheet
Vishal Sikka, the CEO of Infosys Ltd, India's second largest software services player, has cited continuous disruptions and distractions, increasingly personal and negative, as reasons for his exit.
Besides, weak global cues on a deadly attack in Spain and rising concerns over the fate of US President Donald Trump's economic agenda also influenced investors sentiment.
In a letter to Infosys employees that Vishal Sikka posted on his blog, Sikka said he now wishes to return to an environment of “respect, trust and empowerment”.
Sikka has stated the reason for his resignation as continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late.
Sikka said the analysis by the company and some other recruiting firms revealed that Infosys was "far lower in terms of executive attrition than other companies".
Amid allegations of illegalities on Infosys’ acquisition of Israeli software firm Panaya for $200 million in 2015,
The company's founders have aired concerns about CEO Sikka's USD 11 million pay and expensive severance packages for former executives.