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.

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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.

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