scorecardresearch

Vishal Sikka on Infosys issue: I am a Kshatriya warrior and I am here to stay and fight

After R Seshasayee addressed the first news conference, since the news of the rift between the founders and the board broke, quelling all the concerns about the CEO’s pay, Vishal Sikka on Tuesday said that “I am a Kshatriya warrior and I am here to stay and fight.”

He further said, "I see tremendous amount of change in IT due to automation, digitisation in the next 3-5 years".

R Seshasayee addressed the first news conference, since the news of the rift between the founders and the board broke, quelling all the concerns about the CEO’s pay, Vishal Sikka on Tuesday said that “I am a Kshatriya warrior and I am here to stay and fight.” He further said, “I see tremendous amount of change in IT due to automation, digitisation in the next 3-5 years”.

Speaking about the severance pay to Rajiv Bansal, Sikka said, “I will certainly not pay such severance pay to anyone again in future.” “I deeply value suggestions from founders, promoters and shareholders,” he added. ‘Judgement’ on Bansal’s severance pay could have been different, Infosys’ non-executive Chairman R Seshasayee said at a press conference. Seshasayee further disclosed that out of the agreed Rs 17.38 crore, the company decided to pay Bansal only Rs 5 crore later, with the remaining amount being withheld pending clarifications on the terms of the severance contract.

Bansal is one of the three executives whose high salaries and severance packages have created a turmoil at Infosys, with three founders – N R Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani writing to the board last month expressing their concerns over corporate governance. Bansal’s severance package by Infosys amounted to Rs 17.38 crore, equalling his 24 month’s pay, Infosys said in a statement last year. For the year ending March 2015, his salary package of $770,858 at Infosys was next only to the Chief Operating Officer U B Pravin Rao and Chief Executive Officer Vishal Sikka.

Infosys Ltd’s three founders, in their letter to the board had raised questions over the quantum of salary hike given to the Chief Executive Officer Vishal Sikka and the size of the severance packages given to Bansal and former General Counsel David Kennedy. Seshasayee said that Rajiv Bansal’s exit from the company was on mutually agreed upon terms as CEO Vishal Sikka had team chemistry issues with him. He also said that while the concerns raised over Bansal’s severance package are valid, the allegations of it being ‘hush money’ are deeply disturbing.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Most Read In Industry