Ig­nore All Spec­u­la­tion About Gover­nance, Sikka Tells Staff

Infy ap­points Cyril Amarc­hand Man­gal­das to re­ceive in­puts from pro­mot­ers, other stake­hold­ers

The Economic Times - - The Infosys Saga -

tion with the founders could lead to his exit. “We are do­ing this. We will do this. To­gether!” Sikka said. Sep­a­rately, In­fosys said it was apBen­galuru | New Delhi: In­point­ing law firm Cyril Amar­fosys CEO Vishal Sikka dug chand Man­gal­das to for­malise a in his heels and told em­ploypro­cess to re­ceive in­puts from its ees to not be dis­tracted by pro­mot­ers and key stake­hold­ers, spec­u­la­tion about the comwhile ful­fill­ing its re­spon­si­bil­ity to pany’s com­mit­ment to goact in­de­pen­dently. ver­nance, in­tegrity and “While the board ap­pre­ci­ates and val­ues. re­spects in­puts from the founders, it The IT gi­ant has been is com­mit­ted to ful­fill­ing its fidu­cia­bat­tling con­cerns that its ry re­spon­si­bil­ity to act in­de­pen­dent­founders are un­happy ly and in the over­all in­ter­est of the with its gover­nance and share­hold­ers,” In­fosys said in a staboard and what they tement. “To for­malise this process, con­sider a vi­o­la­tion of the board has re­cently ap­pointed Cy‘core In­fosys val­ues’. ril Amarc­hand Man­gal­das, cor­pora“As we head into Q4, let us te gover­nance ex­perts, to re­ceive keep a sharp fo­cus on the exfrom pro­mot­ers and other key sta­kee­cu­tion of our strat­egy. The­hold­ers var­i­ous in­puts, eval­u­ate re is no sec­ond-guess­ing our de­them and make rec­om­men­da­tions ep com­mit­ment, pas­sion and deto the board. This will be an on­go­ing di­ca­tion to trans­form­ing this gre­pro­cess for some time.” at com­pany, even within the In­fosys also de­nied any gov­er­na­nun­prece­dented new con­text we find ce lapses and said Sikka had the our­selves in,” Sikka said in the emaback­ing of the board. il to staff on Thurs­day. ET has a “The board is fully aligned with the copy of the email. strate­gic di­rec­tion of Dr Vishal SikHe also ap­peared to ka and is very ap­pre­cia­tive of the ad­dress conini­tia­tives taken by him in pur­suancerns that ce of this trans­for­ma­tion,” R Se­shathe fric­sayee, chair­man of In­fosys’ board, There is no sec­ond-guess­ing our deep com­mit­ment, pas­sion and ded­i­ca­tion to trans­form­ing this great com­pany, even within the un­prece­dented new con­text that we find our­selves in... We are do­ing this. We will do this. To­gether!” said in the state­ment.

The state­ment also spelled out sup­port for Se­shasayee who has been at the re­ceiv­ing end of the founders’ dis­plea­sure. ET had re­ported on Thurs­day that in July one of In­fosys’ prom­i­nent pro­mot­ers was at­tempt­ing to look for a co-chair­man, de­spite the fact that Se­shasayee had been serv­ing as In­fosys non-ex­ec­u­tive chair­man for just a year. That idea fiz­zled out as Se­shasayee stepped down on July 28 as non-ex­ec­u­tive vice-chair­man of Ashok Ley­land — a post he had held since 2011 — to fo­cus more on In­fosys.

“The mem­bers of the board are deeply en­gaged with the com­pany and spend con­sid­er­able time on the af­fairs of the com­pany. The board has full con­fi­dence in the lead­er­ship of Se­shasayee to steer this com­pany in these chal­leng­ing times,” said Jeff Lehman, the se­nior­most mem­ber of the board and chair­man of the Nom­i­na­tion and Re­mu­ner­a­tion Com­mit­tee.

Sources also told ET that cur­rent chief fi­nan­cial of­fi­cer MD Ran­ganath is be­ing con­sid­ered for a board seat, as he is ac­cept­able to the founders, and that there have been is­sues raised about Sikka’s use of the com­pany’s cor­po­rate jet.

In­fosys dis­missed this as “base­less and spec­u­la­tive”. With re­gard to the query about the use of cor­po­rate jet, In­fosys said, “These ru­mors are ma­li­cious and in­tended to harm the rep­u­ta­tion of the com­pany. There is ab­so­lutely no el­e­ment of truth in these ru­mors.”

Jochelle Men­donca & Neha Alawadhi

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