Infosys press conference highlights: Difficult now for board to consider a permanent position for Narayana Murthy | business news | Hindustan Times
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Infosys press conference highlights: Difficult now for board to consider a permanent position for Narayana Murthy

Vishal Sikka resigned as chief executive of Infosys, the software giant announced Friday, amid growing acrimony between the company’s board and its founders.

business Updated: Aug 18, 2017 17:01 IST
HT Correspondent
HT Correspondent
Hindustan Times
Vishal Sikka,Infosys,Vishal Sikka resigns
Vishal Sikka attends a news conference in Mumbai, India, February 13, 2017. (REUTERS File)

Vishal Sikka resigned as chief executive of Infosys, the software giant announced Friday, amid growing acrimony between the company’s board and its founders.

Sikka said the “increasingly personal” attacks had hit morale at the company, which has been trying to keep pace with rapid changes in the industry.

“Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks,” Sikka said in a statement.

Shares in the company fell by more than seven percent after the surprise announcement.

Here are the highlights from the Infosys press conference:

2.55pm: Don’t agree to the idea that the Infosys board has let me down, they have done a phenomenal job: Sikka

2.52pm: To give shareholders task of taking up anonymous complaints and engaging panel for probe the best way to destroy an organisation: Seshasayee

2.50pm: Succession planning top priority for board; crucial that next CEO buys into vision, culture, is people-oriented:Infosys co-chairman Ravi Venkatesan

2.45pm: There will be no change in buyback plans, says Infosys chairman R Seshasayee, adding that none of the projects in motion will be stopped.

2.40pm: The Board is committed to the strategic direction set by Vishal Sikka: Ravi Venkatesan, co-chairman

2.35pm: The events that have transpired in the last 48 hours have made it difficult for the board to consider a permanent position for Narayana Murthy: Co-chairman Ravi Venkatesan

2.30pm: Infosys chairman R Seshasayee says he was not in contention for the role of Infosys CEO in 2014, no interest now. Not in contention for role

2.25pm: We thank Vishal Sikka for giving the company a new direction during his tenure: Infosys chairman R Seshasayee

2.23pm: No doubt that Vishal Sikka is a phenomenal guy, the world knows it. He has blossomed as a leader: co-chairman Ravi Venkatesan.

2.20pm: I have no plans. I have no thought about what I’m going to do next, says Vishal Sikka.

2.18pm: We came to conclusion that I will stay on as executive vice chairman,help in transition and UB Pravin Rao will be interim CEO: Vishal Sikka.

2.17pm: I got to the point that was difficult to deal with. There was continuous noise about the same things over and over again,” Vishal Sikka said. “At some point, you realise that this was taking a heavy toll on the company and also personally.

2.16pm: In many ways it is a sad day, but in many ways it might help things: Vishal Sikka on his resignation as CEO

2.15pm: I signed up for the technological change, getting the company back to growth : Sikka

2pm: Press conference begins. Infosys co-chairman Ravi Venkatesan says the board fully understands Sikka’s reasons for stepping down.

1.50pm: Anguished by allegations, tone and tenor of statements by Infosys board, below my dignity to respond to baseless insinuations, says Narayana Murthy.

First Published: Aug 18, 2017 14:21 IST