Narayana Murthy refutes Infosys board: 'I'm not seeking money, power for children'

Sikka's resignation comes after months of exchange of cold vibes between Infosys founders and management over a hefty severance pay and huge remuneration to top bosses.

Sikka, 50, a former German IT major SAP executive who was appointed CEO and MD of United States dollars 10 billion revenue company three years back, will become executive vice-chairman until a new MD and CEO is hired.

Infosys, a multinational IT services and consulting business based in India, is now without a permanent CEO and managing director after the abrupt resignation of Vishal Sikka. Soumen Chatterjee, head of research at Guiness Securities Ltd., said before the decision that Infosys may spend as much as $1.6 billion on the buyback. For now, though, the 50-year-old technologist will step down to the vice-chairman role until the company can find a successor.

Infosys under Sikka set a goal of hitting $20 billion in revenue by 2020, but the $10.2 billion solution provider would be hard-pressed to reach that goal given that the company gave revenue growth guidance of just 6.1 percent to 8.1 percent for the current fiscal year.

Following the acrimonious exit of Vishal Sikka as managing director and chief executive of Infosys on Friday, three U.S. legal firms have launched investigations into whether the company or its officers/ directors are engaged in securities fraud or other unlawful business practices.

"I am extremely anguished by the allegations, tone and tenor of the statement", Murthy said in his response. He will receive an annual salary of $1 during his tenure as executive vice chairman.

More news: More than 100 children among the dead in Sierra Leone, UN says
More news: 'If it was up to me' Bannon would 'be gone', says Scaramucci
More news: Tropical Storm Gert develops in the Atlantic

However, the unvested and outstanding equities which were given to him by the company will be carried forward in his new position and will continue to vest.

Sikka said in his mail that he had started his journey with the company with a "calling", to help reshape it around innovation and entrepreneurship.

According to reports, the board held Murthy exclusively responsible for the departure of a "valued" employee.

"Vishal has made a seminal contribution to the transformation of Infosys, and he will be remembered for infusing a refreshed sense of direction, goal and energy in the organization", said board Chairman R. Seshasayee.

Board Co-Chairman Ravi Venkatesan also thanked Sikka for his commitment to ensure a smooth transition and using his experience for the company's global clients. "I feel proud of our progress and achievements", he said in his resignation speech. The value of shares held by founder chairman N R Narayana Murthy, who is being blamed by Sikka for his exit, went down by Rs 855 crore.

Related News:

Most liked

IFP Advisors Inc Increases Position in Foot Locker, Inc. (FL)
The main problem was a lack of hit shoes, Foot Locker said. (NYSE:FL). 20,049 were accumulated by Rockefeller Svcs Incorporated. Foot Locker Inc (NYSE:FL)'s sound earnings growth per share is expected to be a double-digit 19.92% over the next three years.

Morocco's king offers condolences over Barcelona attack
Hours later, terrorists launched a second attack in the seaside town of Cambrils, injuring seven people, one of whom later died. Police have already identified three of the Cambrils attackers and say they hope to identify the others soon.

Man charged in shooting death of Florida police officer
A three-year member of the Kissimmee Police Department, Baxter was married to another Kissimmee cop, with whom he has four kids. Three people have been arrested in connection with the shooting and police are still searching for a fourth person.

Seven wounded in Russian Federation knife attack
Photos shared on social media and in the local news media after the stabbings showed a body on the ground under a white sheet. The suspect was shot dead by police after he wounded eight people in Surgut, Siberia, at around mid-day.

Lottoland Lets Canadians Play $677 Million (CAD) US Powerball Jackpot Online
The Powerball lottery jackpot continues to climb as players put their eyes on a prize that tops a half billion dollars. On Wednesday night, there was one $2 million victor and five $1 million winners, but no one took home the big prize.

England Must Be Wary Of Wounded West Indies
We've got our first Test here at Edgbaston , it's a pink ball Test, we've played one before and we like the format. If indeed it does hoop around, and the weather holds, we might be in for a rapid match.

Longmont weather: High of 76 with a chance of afternoon showers
Another quick hitting cold front slides in later Saturday bringing the chance for a few more showers and storms. Friday morning, there's a 40 percent chance of showers and thunderstorms, mainly between 7 a.m. and 1 p.m.

Immune-what? Grace Mugabe might walk in immune bubble after model attack
Zimbabwe's President Robert Mugabe has arrived in South Africa as his wife is accused of assaulting a young model. In 2009, a newspaper photographer in Hong Kong said she and her bodyguard had assaulted him. "I was surprised.

Suspect dies after climbing crane following pursuit in Los Angeles
He broke into the crane cab, came out, walked to the end of the crane over water, then returned and is sitting on a crane arm. Torrance police later spotted the vehicle and picked up the chase, but eventually called it off for unknown reasons, Im said.

Dana White Makes A Rare Fight Prediction Ahead Of Mayweather/McGregor
Not only has Mayweather never been beaten in 49 career fights, but he's only suffered one official knockdown in his entire career. When pressed if he would ever consider stepping into the boxing ring against Mayweather, the Irishman kept it blunt.

Huawei Mate 10 latest rumours: Release date, United Kingdom pricing, design & features
The screen, by the way, developed in Japan forces Japan Display, and its functionality includes the ability to be turned on 24/7. And now, thanks to a leaked so-called launch teaser of the Huawei Mate 10, the October 16 launch seems to be real.

WWE Smackdown Live Results 8/15/17
Rusev pulls Gable up onto the announce table and locks him in the Accolade for a minute as the crowd chants for Randy Orton . In a split second, that briefcase that seemed to be setting up Corbin for a big push as WWE Champion, was gone.

Brazil retail sales jump in June, boosted by cheaper credit
Michael Pearce, at Capital Economics, said: "Consumption began the third quarter on a strong footing". Shoppers turned out in force in July, driving retail sales to their largest gain since December 2016.

Google Pixel 2 sports 'Active Edge' sides: FCC filing
We'll have to wait and see whether Google comes up with anything more innovative by the time the Pixel 2 is ready to be announced. The inclusion of " Active Edge " also gives a strong hint that HTC will be making this year's Pixel smartphones as well.

Zidane to extend Real Madrid contract
Real Madrid vs Barcelona is available in most nations through the rights holders' online platform, if they have one. The Spanish season kicks off with a bang as Barcelona lock horns with Real Madrid in a two-legged Super Cup tie.

Most Commented