<p> Infosys, the iconic IT services company that the silicon valley of India nurtured for the last three decades, on Friday decided to let go its CEO and MD Vishal Sikka and is looking for a new CEO who must have a great understanding of Infosys culture.<br /><br />Although Sikka succeeded in bringing a cultural change, which helped the company to wade through a difficult business environment, it is now set to bring back the time tested cultural values which the company stands without realising the changes in the world. <br /><br />Sikka, with his design thinking, zero distance policy, and various acquisitions, spearheaded the strategic vision of the second largest bellwether company, so that cultural change will happen in the company to leapfrog from the traditional IT services company. <br /><br />The resignation of Sikka is mainly attributed to the continued criticism of his functioning from within and outside the company. Even though he did not name Infosys Ltd founder and patriarch N R Narayana Murthy for launching an attack over the past 18 months, Sikka indicated that he was starting to feel uncomfortable under the scrutiny. <br /><br />In reference to Murthy’s continued allegations against the company, Sikka in his resignation letter said, “Allegations that have been repeatedly proven false and baseless by multiple, independent investigations”.<br /><br />There was criticism on acquisition of Israeli company called Panaya involving alleged conflict of interest with Sikka’s former employers. Besides demanding for making public full details of a probe conducted by an independent agency into the Panaya acquisition, Murthy is not in favour of the top management receiving salaries that are hugely disproportionate to the salaries of the lower rung employees of the company. <br /><br />“It is clear to me that despite our successes over the last three years, and the powerful seeds of innovation that we have sown, I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks,’’ Sikka said in his mail to employees.<br /><br />Sikka stated that revenues grew from $2.13 billion in Q1FY15 to $2.65 billion this past Q1. Sikka on his part, on Friday said that he had joined Infosys after assurances from Murthy himself about giving him freedom to work. When Vishal Sikka took over as CEO, in the quarter preceding it, ended June 30, 2014, the company’s quarterly revenues stood at Rs 12,770 crore. In the last quarter ended June 30, 2017, the company had clocked revenues of Rs 17,078, seeing a jump of over Rs 4,000 crore under leadership of Sikka.<br /><br />In 2016, revenues touched $10 billion on the last 12 months (LTM) basis.<br /><br /><br /></p>
<p> Infosys, the iconic IT services company that the silicon valley of India nurtured for the last three decades, on Friday decided to let go its CEO and MD Vishal Sikka and is looking for a new CEO who must have a great understanding of Infosys culture.<br /><br />Although Sikka succeeded in bringing a cultural change, which helped the company to wade through a difficult business environment, it is now set to bring back the time tested cultural values which the company stands without realising the changes in the world. <br /><br />Sikka, with his design thinking, zero distance policy, and various acquisitions, spearheaded the strategic vision of the second largest bellwether company, so that cultural change will happen in the company to leapfrog from the traditional IT services company. <br /><br />The resignation of Sikka is mainly attributed to the continued criticism of his functioning from within and outside the company. Even though he did not name Infosys Ltd founder and patriarch N R Narayana Murthy for launching an attack over the past 18 months, Sikka indicated that he was starting to feel uncomfortable under the scrutiny. <br /><br />In reference to Murthy’s continued allegations against the company, Sikka in his resignation letter said, “Allegations that have been repeatedly proven false and baseless by multiple, independent investigations”.<br /><br />There was criticism on acquisition of Israeli company called Panaya involving alleged conflict of interest with Sikka’s former employers. Besides demanding for making public full details of a probe conducted by an independent agency into the Panaya acquisition, Murthy is not in favour of the top management receiving salaries that are hugely disproportionate to the salaries of the lower rung employees of the company. <br /><br />“It is clear to me that despite our successes over the last three years, and the powerful seeds of innovation that we have sown, I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks,’’ Sikka said in his mail to employees.<br /><br />Sikka stated that revenues grew from $2.13 billion in Q1FY15 to $2.65 billion this past Q1. Sikka on his part, on Friday said that he had joined Infosys after assurances from Murthy himself about giving him freedom to work. When Vishal Sikka took over as CEO, in the quarter preceding it, ended June 30, 2014, the company’s quarterly revenues stood at Rs 12,770 crore. In the last quarter ended June 30, 2017, the company had clocked revenues of Rs 17,078, seeing a jump of over Rs 4,000 crore under leadership of Sikka.<br /><br />In 2016, revenues touched $10 billion on the last 12 months (LTM) basis.<br /><br /><br /></p>