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  1. Infosys CEO Vishal Sikka resignation: NR Narayana Murthy in a huddle with other promoters

Infosys CEO Vishal Sikka resignation: NR Narayana Murthy in a huddle with other promoters

The promoters of Infosys are aware of the direct attack on Narayana Murthy by the board, meet to discuss recent developments.

By: | Updated: August 18, 2017 1:14 PM
Infosys, Vishal Sikka, Narayana Murthy, Vishal Sikka resigns, NR Narayana Murthy,  Infosys CEO, industry Infosys CEO Vishal Sikka resigns: NR Narayana Murthy in a huddle with Nandan Nilekani and S Goplalakrishnan (Image: Reuters)

NR Narayana Murthy, the co-founder of India’s second largest information technology services company Infosys Ltd is reportedly in a huddle with other promoters Nandan Nilekani and S Gopalakrishnan. This development comes in after Vishal Sikka resigned from the post of Infosys Managing Director and  Chief Executive Officer. In its concall, Infosys confirmed that Narayana Murthy’s continuous attacks were the primary reason behind Vishal Sikka’s resignation.

ET Now reported that the meeting is on from the last two hours, and the promoters are aware of the direct attack on Narayana Murthy by the board. The agenda of the meeting is to discuss the recent developments at the company. The promoters – N R Narayana Murthy, Nandan Nilekani, S Gopalakrishnan, S D Shibulal and K Dinesh – together hold 12.75% stake in Infosys at the end of June, 2017, according to filings with the stock exchanges.

Vishal Sikka cited “increasingly personal attacks” on him as one of the reasons for his sudden decision to resign, saying they were “amplified” by people who should have supported him. He said the attacks had hit morale at the company, which has been trying to keep pace with rapid changes in the industry. In a concall with the board, In a concall with the Board of Infosys, Vishal Sikka vented out his emotions and says that he found the continuous drumbeat of allegations ‘absolutely sickening’, to the point wherein it made it difficult to focus on the job. In the concall, the ex-CEO and MD of India’s second largest information technology services company Infosys Ltd said that he ended up spending way too much time to tackle the surface damage from news stories.

After Vishal Sikka quit as the CEO and MD of Infosys this morning, reactions have started to come in from all across India. While Harsh Goenka took a dig by saying that the old guard has won, Nilesh Shah said Infy needs to get the house in order. Meanwhile, Anand Mahindra reacted by saying that he will continue to cheer for Infosys. UB Pravin Rao was appointed as the interim MD and CEO of Infosys but Sikka will continue as the Executive Vice Chairman of the IT consulting major till Pravin takes charge.

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