Leaders across the political spectrum on Friday condoled the demise of Chhattisgarh's first chief minister Ajit Jogi, with Prime Minister Narendra Modi hailing the IAS officer-turned-politician for striving to bring a positive change in the lives of the poor.
Staff left India's second largest IT services exporter Infosys Ltd at an unprecedented pace in the last quarter, worrying its management and raising investors' concerns about its ability to win lucrative contracts even as it posted a higher-than-expected net profit for the period.
Murthy on Saturday said the nation's second largest IT services firm had "diluted focus on meritocracy and accountability" in the past decade, forcing him to take "hard and tough decisions."
This is the first time, perhaps, Infosys has appointed as CEO a person who has never managed P&L or has any experience in managing lakhs of employees.
Sikka will take over from current Chief Executive SD Shibulal, one of the engineers who founded Infosys, on August 1.
Monday's notices seek damages of Rs 2,000 crore (Rs 20 billion) each from The Times of India and The Economic Times, both owned by Bennett, Coleman & Co, and The Financial Express, owned by the Indian Express group, alleging some of their articles defamed Infosys.
Foreign institutional investors (FIIs) have continued to remain bullish on the Narayana Murthy-led Infosys, taking their holdings to record levels.
No impact of exits on client engagements, says company.
Firm's dented image following Sikka's exit could bring down revenues in the margin rich US market and force Infy to hire fewer Americans, as hiring locals in developed markets comes at a cost.
Be it the industry laggard performance or harassment allegations by overseas employees, Infosys has a tough road ahead and investors will look at Sikka to sort out the issues.
Murthy, 68, will cease to be the non-executive Chairman with effect from Oct 10.
Infosys has has the highest proportion of non-independent directors on its board.
Joining the likes of N R Narayana Murthy and Azim Premji to blame the Indian government for policy inaction, UK-based NRI billionaire L N Mittal said the country is potentially condemning millions to remain in poverty by not helping industrialisation.
Under a year of him as executive chairman, Infosys, has had "stellar" performance, N R Narayana Murthy said of his second innings at the top in an email to employees.
Senior exits and across the board attrition have started affecting the company's ability to grow business
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Founders should have faith in themselves, their vision and their team, feels Infosys founder Narayana Murthy.
Asked if there was a timeline to see a turnaround at Infosys, Kamath said the country's second largest software services firm was a profitable company.
Perhaps the greatest positive for Mr Sikka is his job knowledge and career record.
The succession strategy has an unmistakable stamp of Murthy's sharp management and leadership acumen - a trait he has been regarded for all this while.
Today, staff morale down the line is low, attrition last year scaled a new high, and even clients have expressed concern at the state of things.
The time is ripe to accede to the founders' plea to declassify them as promoters.
Infosys chief N.R. Narayana Murthy has said the company is looking at reducing the number of top officials and subcontractors at onsite locations in a bid to reduce operational costs, according to Barclays.
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Infosys now plans to re-purpose Skava's micro services-based business and re-focus Panaya's suite of products.
Infosys Chief Executive Officer-designate Vishal Sikka might be new to Indian information-technology (IT) services business, but his past credentials were enough for the company's shareholders to offer him a warm welcome at an Extraordinary General Meeting (EGM) that was called to seek approval for his appointment, among other things.
Global recovery and internal shake-up at Infosys have worked in tandem.
Forbes said this year's 1,226 billionaires are a record high, up one per cent from last year's total.
Brokerage firm says recovery under Narayana Murthy to take longer than expected; stock dips 3%.
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The company is reaping the benefits of change as focus shifts back to traditionally-profitable businesses and deal volumes.
The son is not being groomed for a bigger role in the company as of now.
The HC said that it is a fit case where benefit of doubt can be given to the appellants.
Top-level exits at Bangalore-based Infosys may have led to concern about the company's medium-term growth, but these have contributed to Executive Chairman N R Narayana Murthy's strategy of cost optimisation.
Cost cutting has begun to deliver; analysts say the real turnaround will come when Murthy's impact is evident on sales and delivery.
The Infosys co-founder, who was brought back to head the firm in June last year, also expressed unhappiness over the laggard performance in the last two years.
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