Vishal Sikka quits as Infosys CEO, Board attacks Narayana Murthy

The logo of Infosys is displayed inside the company's headquarters in Bengaluru

The logo of Infosys is displayed inside the company's headquarters in Bengaluru

"But now, after much thought, and considering the environment of the last few quarters, I am clear in my decision", he said. Within a year, Sculley fired Jobs from his own company and the rest is history.

A day after the exit of Vishal Sikka as the MD and CEO of Infosys, three US-based law firms have launched an investigation against the IT major. Sikka was "heavily pushing" the company towards deep learning - something that founding members did not really approve of, or really understood. "Top gainers on the NSE were Infratel, Eicher Motors and Hindustan Unilever, while top losers were Infosys, Sun Pharma and Zee", Desai added. The acquisition was led by Sikka and opened a can of worms for Infosys in its wake.

"On August 18, 2017, Infosys announced the resignation of its Chief Executive Officer, Vishal Sikka". The company has largely avoided acting on recent suggestions and board appointment nominations from Murthy and his fellow founders, so the proposals have kept coming. Now, he has appointed as the Executive Vice Chairman for Infosys, at least until the company finds a permanent CEO.

In his resignation letter, Sikka mentioned the USA and its leader as one of the main challenges the company has faced in recent months. The antagonism was taking a "heavy toll personally", he said.

If you are not aware of this "noise" Sikka refers to a yearlong turmoil with a billionaire who had accused the company he cofounded of several governance failures. "I am proud of how we have upheld our values, our culture, our integrity, whilst we have gone about this massive transformation", he stated.

"I started my journey as the CEO of this iconic company with a mission to transform it on the basis of software, especially Artificial Intelligence (AI) and innovation, enabled by education", said the statement, quoting Sikka.

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Earlier in the day, Infosys Chairman R Seshasayee also hinted that Vishal won't be getting any severance package.

While the board has consistently backed Sikka publicly, some shareholders like Avinash Vazirani of Jupiter Asset Management say directors have not done enough to build investor confidence. While, Narayana Murthy, and his co-founders, have been spearheading the campaign against alleged corporate misgovernance since a year ago, the board has refrained from criticising Murthy, who many consider inseparable from the company's image.

The Infosys board immediately refuted those allegations in a public statement, calling the letter's assertions "libelous" and "aimed at tarnishing the image of Infosys and its management".

Lauding Sikka, Board Chairman R. Seshasayee said the ace technocrat would be remembered for infusing a refreshed sense of direction, objective and energy in the organisation.

The other two firms investigating claims are Goldberg Law and Pomerantz LLP, which said they were probing whether Infosys or any of its officers, or directors engaged in securities fraud or other unlawful business practices, in light of the allegations of governance lapses made by founder executives against the board of the company. My concern primarily was the deteriorating standard of corporate governance which I have repeatedly brought to the notice of the Infosys board.

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