Rise and fall of Phaneesh Murthy
Phaneesh Murthy, who became one of the youngest Infosys officials to head the company's key operations in north America, fell from grace after being sacked as the CEO of Nasdaq-listed iGate Corporation following an inquiry into a controversy surrounding his relationship with a subordinate employee.business Updated: May 21, 2013 23:53 IST
An IIT-IIM alumni, Phaneesh Murthy rose through the ranks of Infosys to become the head of its global operations.
The California-based highflier fell from grace in 2002 when Infosys made him quit the company after a complaint of sexual harassment by his secretary.
Murthy founded his own company and went on to become the CEO of iGate after it acquired his company.
He began to shine again, spearheading Nasdaq-listed iGate's sizzling growth story through these years, only to be disgraced with what appears to be a replay of the 2002 episode.
Here is an account of the the 49-year-old techie-turned-business executive's chequered journey:
* 1985: Graduates with a BTech in Mechanical Engineering from IIT Madras
* 1987: MBA from IIM Ahmedabad
*1992: Joins Infosys Technologies, when the company's annual revenue stood at just US$2 million.
* 1995-2002: Seen as a blue-eyed boy of Infosys co-founders Naranaya Murthy and Nandan Nilekani, quickly rises through the ranks to head global operations from California; appointed a director of Infosys Ltd and Infosys BPO Ltd in May 2000; widely credited for the spectacular growth in Infosys' global revenues, from a tad over $2 million to $700 million.
* 2002: Faces sexual harassment lawsuit filed by his former secretary Reka Maximovitch. Infosys goes for an out-of-court settlement for $3 million with Bulgarian-American national. Murthy is sacked soon after.
* 2003: In January, Murthy sets up new firm, Quintant Services Limited, a business process outsourcing company. Eight months later, sells it to iGate Global Solutions Ltd and becomes a lead player in restructuring of the merged entity.
* April 1, 2008: Takes over as CEO and president of iGate. Credited with transforming iGate from a loss making enterprise to one of the fastest growing among its peers.
* May 20, 2013: iGate board informs it has found Murthy was in relationship with a subordinate employee and is found guilty of not reporting this relationship in violation of company policy and norms listed in his employment contract.
First Published: May 21, 2013 08:47 IST