Sunday, April 20, 2025

Narayana Murthy’s ‘continuous assault’ reason for Sikka quitting, says Infosys Board

Date:

Share post:

 

BENGALURU: The Board of global software major Infosys Ltd on Friday blamed its founder N.R. Narayana Murthy for the sudden and dramatic resignation of Chief Executive and Managing Director Vishal Sikka.

“Murthy’s continuous assault, including his latest letter, is the primary reason for the resignation of Sikka despite strong Board support,” said the IT major in a statement here hours after it accepted Sikka’s resignation and appointed him as Vice-Chairman till the new Chief Executive is appointed by March 31, 2018

Noting that a letter authored by Murthy attacking the integrity of the Board and the management for alleged falling corporate governance standards was doing the rounds in various media houses across the country, the company said the Board took umbrage at the contents of the founder’s purported letter.

“Murthy’s letter contains factual inaccuracies, already disproved rumours, and statements extracted out of context from his conversations with Board members,” asserted the company.

Assuring shareholders, employees, customers and communities of not being distracted by Murthy’s “misguided” campaign, the company said it would continue to adhere to the highest international standards of corporate governance as it executes its strategy of profitable growth for the benefit of all stakeholders.

“Murthy’s campaign against the Board and the company has had the unfortunate effect to undermine its efforts to transform itself. The Board has been engaged in a dialogue with the Founder to resolve his concerns over the course of a year, trying to find feasible solutions within the law and without compromising its independence. These dialogues have unfortunately not been successful,” recalled the statement.

Declining to speculate on Murthy’s motive for carrying out his campaign, the Board believed it must clarify the “false and misleading charges, as they were damaging the company and misrepresented its commitment to good corporate governance”.

Sikka, who joined the tech major in August 2014, resigned on Friday citing continuous disruptions and personal and negative remarks against him.

The Board elevated Chief Operating Officer U.B. Pravin Rao as the interim CEO and MD, reporting to Sikka under its overall supervision and control.

Related articles

Andhra Pradesh issues notification to fill posts of 16,347 teachers

Amaravati, April 20: The Andhra Pradesh government on Sunday released a notification for conducting a 'Mega District Selection...

Three killed as torrential rain, landslides wreak havoc in J&K’s Ramban

Jammu, April 20:At least three people were killed by a heavy hailstorm and multiple landslides in Jammu and...

Over 33,000 challans issued for vehicles without high-security number plates in Gurugram

Gurugram, April 20: The Gurugram Traffic Police intensified a crackdown on traffic violations, issuing 33,757 challans between April...

Murshidabad violence: Prime suspect in man-son murder to be produced in court today

Kolkata, April 20:Ziaul Haque, alias Chacha, the key conspirator in the murder of a man and his son...