Vishal Sikka's resignation: Read full text of NR Narayana Murthy’s reply

Vishal Sikka's resignation: Read full text of NR Narayana Murthy’s reply [ad_1]

The resignation of Vishal Sikka as CEO and MD of Infosys has resulted in an ugly war between the company's board and its co-founders.

Gadgets Now Bureau | Updated: Aug 18, 2017, 06.33PM IST

After months of tussle with the co-founders, Infosys CEO Vishal Sikka has resigned. During his three-year tenu... Read More

The resignation of Vishal Sikka as CEO and MD of Infosys has resulted in an ugly war between the company's board and its co-founders. In a public statement, the board and the company has openly blamed Infosys co-founder NR Narayana Murthy for Sikka's exit. In a BSE filing, the Infosys board said that Murthy's baseless allegations drove Sikka to resign as the CEO of the company.

7 things NR Narayana Murthy and other co-founders 'attacked' Vishal Sikka and Infosys for

7 things NR Narayana Murthy and other co-founders 'attacked' Vishal Sikka and Infosys for

After months of tussle with the co-founders, Infosys CEO Vishal Sikka has resigned. During his three-year tenure as CEO, Sikka faced several salvos from NR Narayana Murthy and other co-founders. The most recent being in a letter, dated August 9, where Murthy is said to have raised questions over Sikka's leadership. Earlier too, Murthy has publicly criticised Infosys over lapses in corporate governance, allegations that the company firmly denied repeatedly. Here are some of the things that NR Narayana Murthy and other co-founders 'attacked' Vishal Sikka and Infosys for over the last several months.

Using chartered planes to meet clients

Murthy is said to have criticised him for chartering private planes to meet clients.

Questioned pay hike given to Vishal Sikka

The founders questioned the pay hike given to Sikka. In February last year, the board decided to give Sikka a 55% pay hike to $11 million. The sharp increase in his salary is said to have been a big issue of disagreement.

Only 23.57% of promoter voted in Sikka's favour

Only 23.57% of promoter votes are reported to have been cast in favour of reappointing Sikka as managing director and CEO in April 2016.

Severance payout given to former CFO Rajiv Bansal

The co-founders also slammed the size of the severance payout given to former CFO Rajiv Bansal. Infosys board had approved Rs 17.38 crore severance payment for Bansal. In its defence the company said that the employment contracts of key members of the executive team include a severance clause, and such clauses are guided by the complexity of the role as well as country-specific regulations.

Vishal Sikka "not CEO material"

According to a report in business daily Mint, Narayana Murthy in an email quoted some independent directors as saying that Vishal Sikka was more chief technology officer (CTO) material than chief executive officer (CEO) material. "All that I hear from at least three independent directors, including Mr Ravi Venkatesan (co-chairman), are complaints about Dr Sikka. They have told me umpteen times that Dr Sikka is not a CEO material but CTO material. This is the view of at least three members of the board, and not my view since I have not seen him operate from the vantage point of an Infosys board member," Murthy reportedly said in the email.

Questioned the company's Panaya acquisition and some other decisions

The company conducted an independent valuation into the $200 million acquisition of Panaya after claims of inconsistencies in the deal. The investigation aimed to find out if any company executive benefitted from the acquisition.

Hours later, Murthy too hit back, saying he is not seeking "any money, position for children, or power" at the same time expressing anguish. Here's the full statement of former Infosys executive chairman.



I have read the statement issued by the Board of Directors of Infosys.



I am extremely anguished by the allegations, tone and tenor of the statements. I voluntarily left the Board in 2014 and am not seeking any money, position for children or power. My concern primarily was the deteriorating standard of corporate governance which I have repeatedly brought to the notice of the Infosys board.





It is below my dignity to respond to such baseless insinuations. However, several shareholders who have read the whistle-blower report have told me that it is hard to believe a report produced by a set of accused, giving a clean chit to the accused, and the accused refusing to disclose why they got a clean chit! They say that this is not the way an impartial and objective investigation should be held.



I will reply to these allegations in the right manner and in the right forum and at the appropriate time.

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