Days after the board of Infosys Ltd blamed NR Narayana Murthy for Vishal Sikka’s decision to step down as CEO, the founder and former CEO of Infosys is set to address investors and assuage concerns, amid a broader tussle between the board and the founders that has severely dented investor confidence in the company and wiped out thousands of crores in market value.
In a highly anticipated address since Friday’s press conference announcing Sikka’s departure, Murthy will be speaking to investors at a conference hosted by brokerage firm Investec India on Wednesday.
Murthy is expected to answer questions and address concerns over the events of the past few days which have spooked investors, especially after the Infosys board released a scathing six-page letter on Friday, blaming Murthy for Sikka’s decision to step down. Over the past three days, Infosys has lost nearly Rs 34,000 crore in market value.
Murthy had responded to the statement from Infosys, saying that he was “extremely anguished by the allegations, tone and tenor of statements made by the board”, and that it was below his dignity to respond to “baseless insinuations”.
It is not clear whether on Wednesday Murthy plans to respond to the allegations made by the board. In a short statement on Friday, Murthy had said that he would respond “in the right manner and in the right forum and at the appropriate time”.
{{/usCountry}}It is not clear whether on Wednesday Murthy plans to respond to the allegations made by the board. In a short statement on Friday, Murthy had said that he would respond “in the right manner and in the right forum and at the appropriate time”.
{{/usCountry}}“I believe that the fault lies with the board. We just want the board to protect the institution rather than protecting some individuals, like the board is doing today,” Murthy said in an August 9 mail to advisers.