Infosys directly blames Narayan Murthy for Sikka’s resignation
Bengaluru, (DHNS): In the latest development in Vishal Sikka’s resignation, Infosys company has directly blamed its promoter founder NR Narayana Murthy for the cause.
An official statement by the company said, “Murthy’s continuous assault, including this latest letter, is the primary reason that the CEO, Vishal Sikka, has resigned despite strong board support.”
The statement also added that it has come to the attention of the company’s board that “a letter authored by Murthy, the Founder of Infosys has been released to various media houses attacking the integrity of the Board and Management of the Company alleging falling corporate governance standards in the Company.”
The company’s board takes great umbrage to the contents of the letter and has called Murthy’s allegations as “factual inaccuracies, already-disproved rumours, and statements extracted out of context from his conversations with Board members.”
The company also said that despite trying to engage with Murthy within the boundaries of law and without compromising its independence but these dialogues have not been successful.
The statement alleged, “Murthy has made repeatedly made inappropriate demands which are inconsistent with his stated desire for stronger governance.”
The company’s board has also assured its shareholders, employees, customers and communities that “it is committed not to be distracted by this misguided campaign by Murthy and will continue to adhere to the highest international standards of corporate governance as it executes its strategy of profitable growth for the benefit of all Infosys stakeholders”.
The company also said that ‘Murthy’s campaign against the board and the company’ has hindered the company’s efforts to transform itself.
Vishal Sikka resigns as Infosys CEO, MD
Bengaluru, Aug 18 (IANS) Vishal Sikka on Friday resigned as Chief Executive Officer (CEO) and Managing Director (MD) of global software major Infosys Ltd, said the company.
“The Board of Directors has accepted the resignation of Vishal Sikka… with immediate effect at its meeting held on Friday,” said the IT major in a statement here.
Vishal Sikka quits as Infosys CEO, MD
Bengaluru, Aug 18 (IANS) Vishal Sikka on Friday resigned as the Chief Executive Officer (CEO) and Managing Director of global software major Infosys Ltd, the company announced.
“The Board of Directors has accepted the resignation of Vishal Sikka as the Managing Director and Chief Executive Officer with immediate effect at its meeting held on Friday,” said the IT major in a statement here.
The Board, however, appointed the 50-year-old Sikka as Executive Vice-Chairman and will hold office until the new CEO and MD takes charge by March 31, 2018.
It also appointed Chief Operating Officer U.B. Pravin Rao as the interim CEO and MD, reporting to Sikka under its overall supervision and control.
“Sikka will continue to focus on strategic initiatives, key customer the relationships and technology development. He will report to the Board,” noted the statement.
Sikka will receive an annual salary of $1 (Rs 64) during his tenure as Vice Chairman. Any equity awards held by him that remain outstanding and shall continue to vest (and, in the case of stock options, become exercisable) in accordance with their terms.
“The Board thanks Sikka for his outstanding leadership and extraordinary contributions during a period of rapid evolution in this industry,” the statement added.
Sikka joined Infosys on August 1, 2014. He previously served as Executive Director at the German software major, SAP.
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