Post Vishal Sikka exit, Infosys to unveil Q2 results on October 24

By: | Updated: September 6, 2017 4:10 AM

This will be the first earnings announcement since its first non-founder CEO Vishal Sikka resigned from the company.

Vishal Sikka, InfosysIn the scheduled meeting the board is likely to consider the future strategy road map. (Reuters)

India’s second-largest IT services company Infosys on Tuesday said it will announce the financial results for the second quarter ending September 30, 2017, on October 24. This will be the first earnings announcement since its first non-founder CEO Vishal Sikka resigned from the company.

“A meeting of the board of directors of the company will be held on October 23 and October 24 to consider the audited consolidated financial results of the company and its subsidiaries,” Infosys said in a regulatory filing.

In the scheduled meeting the board is also likely to consider the future strategy road map and approve the same submitted by a committee set up by new chairman Nandan Nilekani.

Earlier, Nilekani who returned to the company after 10 years as its chairman, had mentioned that Infosys will make public its strategy in October.

“The board has also tasked its committee of directors to work with the CEO and management to review and refresh the company’s strategy by October,” he told the media at a conference last month.

Apart from charting out the long-term strategy for making Infosys future-ready, Nilekani had also outlined his vision of creating a governance structure after interacting with all its stakeholders. He had also emphasised the need for maintaining good relationship with co-founder Narayana Murthy.

Murthy had raised various corporate governance-related issues against the former Infosys board, including a huge severance pay offered to its former CFO Rajiv Bansal.

The new board had also asked the Nominations and Remunerations Committee of Infosys to deliberate on the long-term governance structure of the board and present its recommendations at the meeting of the board in October.

After the public spat between the former board and Murthy, Infosys had adopted a new charter for its board to oversee relationship with various stakeholders of the company.

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