Tech giant Infosys is in controversy yet again! Founder N R Narayana Murthy on Monday criticized a salary hike given to Chief Operating Officer Pravin Rao. Here is how Twitter reacted....
Tech giant Infosys is in controversy yet again! Founder N R Narayana Murthy on Monday criticized a salary hike given to Chief Operating Officer Pravin Rao. This was enough for the experts and Twitter to explode again. There were some who slammed Murthy while there were others who appreciated him. Anil Singhvi, Founder & Chairman Ican Investment said that media should ignore Narayan Murthy and he should stop tarnishing Infosys’ image. In a conversation with ET Now he said, “I request all of you (media)to just ignore Mr. Murthy. You are paying too much of attention to Mr. Murthy’s disruptive practices which are really belittling Infosys, which was an icon, which really we all looked up to. So my request to media will be to ignore Mr. Murthy”. On the other hand Harsh Goenka, Founder, RPG Enterprise tweeted, “When you are perched in the exalted position of Brahma, you cannot meddle in the minor ‘Raos’ of this earth #Infosys”. Check out some tweets here:
When you are perched in the exalted position of Brahma, you cannot meddle in the minor ‘Raos’ of this earth #Infosys
— Harsh Goenka (@hvgoenka) April 3, 2017
— Aarti Nair (@rtnair91) April 3, 2017
— Ritesh Shrivastava (@Ritz1975) April 3, 2017
Current governance standards r POOR at #Infosys says NRN
Washing dirty linen in public again
Indicates loss of confidence in Board & CEO
— Vivek Paranjpe (@vivekparanjpe) April 3, 2017
dats y we call him The narayan murthy??
— Daksh Kumar (@AmDaksh) April 3, 2017
— M Kiran Kumar (@kirankumarwifi) April 3, 2017
Meanwhile, in a letter that was released to media, Murthy criticised the steep rise in Rao’s salary. “Giving nearly 60 percent to 70 percent increase in compensation for a top level person (even including performance-based variable pay) when the compensation for most of the employees in the company was increased by just 6 percent to 8 percent is, in my opinion, not proper. This is grossly unfair to the majority of the Infosys employees…,” said Murthy in the letter. “The impact of such a decision will likely erode the trust and faith of the employees in the management and the board,” added Murthy.
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According to a stock exchange filing by the company, only 24 percent of promoter shares voted on a resolution seeking a 35 percent rise in Rao’s compensation, and they all voted for the resolution. The company had sought to reassure investors and analysts in February that it was not being distracted by the dispute with its founders over how the company was being managed. The company’s founders still own 12.75 percent of Infosys. Led by Murthy, they had earlier questioned the pay rise granted to chief executive Vishal Sikka and also the size of severance payouts given to others, including former finance head Rajiv Bansal.