'We spent considerable time re-skilling all the employees, and then we created a new focus called the 'One Infosys'.'
Murthy's letter comes even as Sikka celebrates the completion of three years at the helm of India's second largest software exporter.
Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
In 2017, when Infosys announced that Salil Parekh would be its next chief executive officer (CEO) and managing director (MD), very few in the industry or the analyst community doubted his ability to bring the company back to a healthy growth trajectory, improve morale within the company and, more importantly, win the promoters' trust and investor confidence. There were reasons for this confidence. He was not only the deputy CEO of the Paris-headquartered IT services major Capgemini, but also one of the only non-European faces on the executive board of the company.
Former CFO V Balakrishnan seeks exit of Infosys chairman, co-chairman R Seshasayee, co-chairman Ravi Venkatesan, audit committee chairman Roopa Kudva and nomination committee chairman Jeffrey S Lehman.
Indian IT major Wipro on Saturday announced the resignation of its CEO Thierry Delaporte and named Srinivas Pallia as the new chief executive officer effective immediately. Wipro's Board noted the resignation of Delaporte with effect from April 6, 2024, the company said in a BSE filing, and added he will be relieved from the employment of the company with effect from the close of business hours on May 31, 2024.
Leading exchange BSE on Wednesday asked Infosys to explain why it did not make a disclosure about a whistleblower complaint which alleged that the company's top executives were following "unethical practices" to shore up profits through irregular accounting ways.
Nandan Nilekani said one board member had received two anonymous complaints on September 30, 2019 - one dated September 20, 2019, titled 'Disturbing unethical practices' and an undated note with the title, 'Whistleblower Complaint'.
Infosys' co-founders, S D Shibulal and S Gopalkrishnan, on Tuesday launched Axilor Ventures, a business incubator and platform for supporting innovation and entrepreneurship.
Many say N R Narayana Murthy returned to Infosys only because it was floundering. Ironically, that itself can be interpreted as the great man's biggest failure.
Infosys on Friday posted a 3.5 per cent rise in quarterly net profit, lagging analyst estimates.
Five of the 10 best-paid independent directors belonged to the Tata group, followed by four from Reliance Industries and one from Wipro.
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,197 crore a year ago, a regulatory filing said. Infosys' revenue grew 22.9 per cent to Rs 31,867 crore in the quarter ended December 2021 from Rs 25,927 crore in the year-ago period, it added.
Infosys, in April, had said that it will pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback.
2019, however, will be a bigger test as the firm continues to deal with rising attrition and margin pressure.
This is the first major change of guard at India's second largest information technology services company, in the wake of the retirement of co-founder and chairman, N R Narayana Murthy, last week.
Revenue rose 23.4 per cent to Rs 1,655 crore
In a major top management re-shuffle, Infosys on Saturday said it has re-appointed N R Narayana Murthy as executive chairman and additional director with immediate effect.
Without panning Narayana Murthy's credentials, executives in many of these firms feel they are not sure about company's future.
The settlement with Sebi was seen as Infosys admitting guilt of the lapse, clearing out any legal or regulatory challenges and preparing ground for new chief executive officer Salil Parekh.
The latest one being Ken Toombs, global head of consulting at the Bengaluru-based entity.
Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
'Pravin Rao's commitment and contribution to the company has been immense, and his partnership over the past three years has been critical to the successes and growth of our company,' said Vishal Sikka, chief executive officer at Infosys.
With this, the total strength of TCS's board has increased to 11.
The company said the committee, headed by independent director D Sundaram and assisted by independent legal counsel Shardul Amarchand Mangaldas & Co, and PricewaterhouseCoopers, found that the "allegations are substantially without merit".
The stock exchange BSE has called off the merger of its unit at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India International Exchange (India INX), with NSE International Exchange (NSE IX), a similar unit floated by rival National Stock Exchange (NSE), according to sources familiar with the development. BSE and NSE had been in discussions for the merger for over a year, but it has yielded no results, they said.
Infosys needs to be more innovative and disruptive with its product and services, keeping its focus on growth.
The whistle-blower's letter to Sebi said future disclosures on any wrongdoing could potentially not be exposed if Infosys is let off the hook now.
In 2015, Infosys, under the leadership of then CEO Vishal Sikka, had bought Israeli automation technology firm Panaya for around $ 200 million and e-commerce service provider Skava for $1 20 million. The buyouts were mired in controversy owing to allegation of over-payment apart from not being an ideal fit.
March was the first full quarter for Infosys under its new CEO Salil Parekh.
Stating that he is looking forward to working with talented Infoscions, Vishal Sikka said, "I am honoured to lead Infosys, an iconic company built by pioneers in the technology industry. I look forward to working with and learning from talented Infoscions around the world."
'Vishal Sikka may have realised that he was in no position to deliver on the promise Infosys made to its shareholders.' 'Perhaps he was looking for an escape route and he quit under the cover of "continuous drumbeats of distractions",' says Sudhir Bisht.
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
Analysts say IT major cleaning up act before new CEO takes over; regulator might take a year
Nilekani says life has come a full circle for him, as he heads back to the company he co-founded over three decades ago.
"We have to improve the institutional framework of companies... (and) need to give more powers and authority to independent directors. Also, the regulations should be enforced much faster," said Infy board member T V Mohandas Pai. Noting that the Satyam case is an aberration and unlikely to affect the domestic IT industry, Pai said the law needs to be amended to ensure that auditing standards are enforceable.
Its aim is to make computer programming accessible for everyone.
IT service company Wipro on Friday reported 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains "uncertain". The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new chief executive officer, has given an IT Services revenue growth guidance in the (-)1.5 per cent to +0.5 per cent band for June quarter on a constant currency basis.
With the appointment of Vishal Sikka as CEO and Managing Director of the company, IT major Infosys has elevated 12 leaders to the position of Executive Vice President with additional responsibilities.
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