English हिन्दी
Connect with us

Latest business news

“Distractions and untenable atmosphere” force Vishal Sikka to resign as Infosys CE

Published

on

Vishal Sikka

[vc_row][vc_column][vc_column_text]UB Pravin Rao takes over as interim CEO. Sikka, who will stay on as executive vice-chairman of the company for the transition period, claimed in his resignation letter that “Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks.”

In a major development that is certain to be the talking point in India Inc for several days to come, Vishal Sikka resigned from the post of chief executive officer and managing director of Infosys, on Friday citing “ditractions, public noise and and untenable atmosphere” as the reason for his sudden decision.

The company’s chief operating officer, UB Pravin Rao, has been appointed interim Chief Executive Officer and Managing Director. Rao will report to Sikka for now who has agreed to stay on as executive vice chairman for the period of transition during which he will continue to focus on strategic initiatives, key customer relationships and technology development. Sikka will report to the Infosys Board for this period.

A statement issued by Infosys soon after news of Sikka’s resignation broke said that the new permanent Chief Executive Officer and Managing Director will take charge “no later than March 31, 2018.”

Sikka had taken charge as the first non-founder CEO of the company in 2014. However, his tenure during the past year had been marked by slower revenue growth and a constant tussle between him and Infosys founders over their respective visions for the company and how its operations should be managed.

Though not totally unexpected, the tenor of Sikka’s resignation letter was one that made known his anguish about the goings on in Infosys.[/vc_column_text][/vc_column][/vc_row][vc_row css=”.vc_custom_1503047002261{margin-bottom: 20px !important;border-top-width: 20px !important;border-bottom-width: 20px !important;padding-top: 20px !important;background-color: #a2b1bf !important;}”][vc_column][vc_column_text]“Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks. Allegations that have been repeatedly proven false and baseless by multiple, independent investigations. But despite this, the attacks continue, and worse still, amplified by the very people from whom we all expected the most steadfast support in this great transformation. This continuous drumbeat of distractions and negativity over the last several months/quarters, inhibits our ability to make positive change and stay focused on value creation,” Sikka is learnt to have said in his resignation letter.

He, however, also noted that: “I will be working closely with Sesh (Infosys Board chairman R Seshasayee), Ravi (co-chairman Ravi Venkatesan), Pravin, with all of you, and the senior management team to plan out the details and the timelines to ensure a smooth transition and in the meantime, continue our work without disruption, and ensuring that we protect our company, the employees, the clients, and the interests of every shareholder. You can count on my commitment to this.”[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Sikka’s comments about the “malicious and personal attacks” appear to be aimed at Infosys co-founder NR Narayana Murthy. For several months now, Murthy has been raising serious concerns over the company’s performance under Sikka. Murthy had reportedly red-flagged issues like the high salaries being drawn by senior executives of Infosys, including Sikka and the disbursement of huge severance pay packages to select departing employees – something that the co-founder had speculated was “hush money to hide something”.

Narayana Murthy

Hours before Sikka’s resignation, a business newspaper had carried a report about an email Murthy had written to his advisors doubting the ability of Sikka. “All that I hear from at least three independent directors, including Mr Ravi Venkatesan (co-chairman), are complaints about Dr Sikka. They have told me umpteen times that Dr Sikka is not a CEO material but CTO material. This is the view of at least three members of the board, and not my view since I have not seen him operate from the vantage point of an Infosys board member,” Murthy had been quoted as saying.

There are speculations that this latest not-so-veiled attack by Murthy was what triggered Sikka to put in his papers. Hours after Sikka’s resignation, the Infosys Board in fact came out with a statement that categorically blamed Murthy’s “dictatorial” ways for the top executive’s exit.

Officially though, the company was all praise for Sikka’s contributions to Infosys. Seshasayee was quoted as saying: “Vishal has made a seminal contribution to the transformation of Infosys, and he will be remembered for infusing a refreshed sense of direction, purpose and energy in the organization. His vision for the future of the industry and the Company will remain a strong reference point as we chart the future course for Infosys in this new era in our rapidly evolving industry. On behalf of our entire board of directors, I wish him well for the future.”

However, shortly after, Sikka sent a letter to his staff titled ‘Moving On’ in which he says: “After much contemplation I have decided to leave because the distractions, the very public noise around us, have created an untenable atmosphere. I deeply believe in creating value in an atmosphere of freedom, trust and empowerment. Life is too short to engage in battles of opinions in the public, these add no value, take critical time and focus away from the business, and indeed add more to the noise, to the eardrum buzz, as I wrote to you a few months ago.”

The letter which was also shared by Vishal Sikka on Twitter reads further: “I now need to move forward, and return to an environment of respect, trust and empowerment, where I can take on new lofty challenges, as can each of you.”[/vc_column_text][/vc_column][/vc_row]

Latest business news

Happy Birthday Mark Zuckerberg: Social media users wish Facebook co-founder on his 40th birthday

Born on May 14, 1984, Zuckerberg has grown from a Harvard dropout into a billionaire philanthropist, owning many tech ventures over the years. He started Facebook in 2004 and took it public in 2012.

Published

on

Mark Zuckerberg, co-founder and CEO of Facebook (Meta), is celebrating his 40th birthday on May 14. Zuckerberg, one of the most influential figures in the tech industry, has had a major impact on how people connect and communicate with each other all over the world.

At 40, Zuckierberg continues to lead Facebook and its parent company, Meta, towards new technological frontiers. Born on May 14, 1984, Zuckerberg has grown from a Harvard dropout into a billionaire philanthropist, owning many tech ventures over the years. He started Facebook in 2004 and took it public in 2012.

In 2021 the social media platform changed its name to Meta to shift the company’s focus to the metaverse. Under his leadership, Facebook has grown into a global platform with over 2.8 billion active users. Apart from this, he has also expanded his influence through the Chan Zuckerberg initiative, which is run by Zuckerberg and his wife Priscilla Chan and focuses on philanthropy in health, education, and scientific research with an investment of 99% of the couple’s wealth over their lifetime.

There has been a rise in the net worth of Mark Zuckerberg over the last few years. According to Forbes, his net worth stands at $177 billion, which makes him the 4th richest man in the world. Since Facebook (now Meta) acquired WhatsApp in 2014 for $19 billion, Mark Zuckerberg’s net worth has grown significantly.

In 2014 his net worth was approximately $26.1billion, which now stands at around $177 billion, which reflects a substantial increase in the net worth due to Meta’s expanding business and strategic acquisitions over the year.

Before Zuckerberg turned 40, he gifted himself a brand-new superyacht, Launchpad in March 2024. According to reports, Zuckerberg purchased $59 million worth of waterfront property on Lake Tahoe in California in 2019. He spends his money on luxury vehicles and owns a Acura TSX, a Honda Fit, and a black Volkswagon Golf GTI.

Continue Reading

Latest business news

Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

Published

on

Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

Continue Reading

Latest business news

Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

Published

on

Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com