Without panning Narayana Murthy's credentials, executives in many of these firms feel they are not sure about company's future.
Infosys president and board member B G Srinivas has resigned, the company said on Wednesday, the latest in a series of senior management exits at India's second-largest software services exporter.
In FY16, Infosys had 48 employees in India who were paid more than Rs 1 crore in annual compensation, as compared to 111 in FY15.
It's debatable whether going back in time -- twice in a span of four years -- by bringing back a once-proven leader at the top is the correct thing to do when Infosys desperately needs to be made future-ready.
Even as Srini Pallia, a Wipro veteran, is set to take charge as the chief executive officer (CEO) of the company, analysts expect the stock's underperformance to continue in the near-future. This, they believe, will be on the back of likely loss of market share, and difficult business environment. "We expect Wipro to underperform peers on growth once again in FY25 as channel checks and media reports suggest Wipro is losing share with select clients across multiple verticals.
The latest whistleblower complaint accusing him of pressuring finance team members to inflate profitability has come right out of the blue. There's another allegation that he made racist remarks against some board colleagues. For a man with a singular focus on the business and clients, all of this must have blindsided him.
Analysts say IT major cleaning up act before new CEO takes over; regulator might take a year
India's third largest IT company HCL Technologies on Friday reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore. However, the company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee cost and tightening IT spends around the world. The company described the performance as "decent" in view of the global macroeconomic conditions.
The Federal Retirement Thrift Investment Board's (FRTIB), one of the US government's main retirement funds, decision to change the benchmark index for gaining international exposure will channel $3.6 billion (Rs 30,000 crore) inflows into domestic equities. India has a weightage of 5.3 per cent, seventh-most in the new MSCI ACWI IMI ex USA ex China ex Hong Index, which FRTIB now plans to use. India isn't part of the current developed markets-dominated MSCI EAFE index that the pension fund uses.
After high-profile exits in the past couple of months, Infosys, the country's second largest information technology services company, has undertaken a top-level management restructuring.
Describing Murthy as a business icon, T V Mohandas Pai, former CFO of Infosys, said he is more than eminently suited to hold the position of Chairman Emeritus.
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."
Infosys Technologies has announced the appointment of Deepak Satwalekar, managing director & CEO of HDFC- Standard Life Insurance, as the lead independent director in line with the company's commitment to good corporate governance practices.
Shares of IT giant Infosys erased early gains and ended with a loss of nearly one per cent on the NSE today on profit-booking after the company named former SAP executive board member Vishal Sikka as its new CEO.
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.
Parekh in a video address to employees expressed delight on leading the iconic company
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.
The new CEO will have to move very quickly to first calm the three key stakeholders, employees, customers and the investors: Gartner
British consultancy major Axon Group on Thursday decided to go ahead with a pound 441-million acquisition offer from HCL Technologies, while withdrawing its support to a smaller bid from Infosys.
Its revenue, however, grew 20.3 per cent to Rs 21,400 crore in the December 2018 quarter as compared to Rs 17,794 crore in the year-ago period.
Weeks after NR Narayana Murthy returned to Infosys, the country's second largest software exporter on Tuesday saw its global sales and marketing head Basab Pradhan quitting the company.
India's second-largest IT services company, Infosys, on Wednesday said it was planning to offer an apprenticeship programme with the National Apprenticeship Scheme (NAS) in the United Kingdom (UK). Through this programme, the company will provide apprenticeship in fields like marketing, human resources, among others, Infosys said in a release.
Perhaps the greatest positive for Mr Sikka is his job knowledge and career record.
Its aim is to make computer programming accessible for everyone.
In spite of that the founders never voted against any resolution, those who differed abstained.
There were no evidence of any kickbacks, inappropriate contracting or unreasonable expenses
India's second largest IT firm Infosys has extended the tenure of its chief Vishal Sikka by nearly two years till March 2021, saying his initiatives have helped the company move towards reclaiming its industry leadership position.
Among the Sensex shares, Infosys rose the most by 1.37 per cent, followed by Larsen & Toubro (0.90 per cent), and Wipro (0.83 per cent). HDFC Bank, ICICI Bank, Reliance Industries, ITC, TCS, Kotak Bank, Asian Paints and Titan were among the lead gainers.
They expressed disappointment over the firm's performance.
India's second-largest software services firm expects its topline to grow 7.5 - 9.5 per cent in FY2019-20 in constant currency terms.
Nilekani says life has come a full circle for him, as he heads back to the company he co-founded over three decades ago.
The company had sacked former chief executive officer Phaneesh Murthy in May this year over an undisclosed relationship with a subordinate.
In the seventh top level exit in six months at Infosys, Subrahmanyam Goparaju, Senior Vice President and a member of the Executive Council that frames business strategy, has resigned.
Design thinking refers to solving traditional tech problems using newer, different and innovative methods
In what will be the first such comprehensive exercise in the IT industry, all the 91,000-odd employees of India's second-largest IT services provider, Infosys Technologies, will now have to pass certification programmes to get promoted. The certification programme, conducted every March, is now being extended across the board and will test the employees' domain expertise, and grade them accordingly to be eligible for promotion.
State government says Infosys is Karnataka's baby and it will give the company full support to stay in the IT Park.
With this, the total strength of TCS's board has increased to 11.
India's second largest software services firm, Infosys on Thursday saw the exit of its global head of strategic sales, marketing and alliances Prasad Thrikutam.
Erin Green, former head of immigration, Infosys says says only the loss of a big client could push Infosys to correct its internal corporate culture.
The departure of Srinivas, the 10th senior executive to exit in the last year, widens a leadership vacuum at Infosys as it searches for a new chief executive.
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