Murthy Says He’s ‘Extremely Anguished’ By Infosys Board’s Statements
Infosys founder NR Narayana Murthy says he’s “extremely anguished by the allegations, tone and tenor of the statements” made by the board of directors of Infosys Ltd.
Hours after the company announced the resignation of its Chief Executive Officer and Managing Director Vishal Sikka, Infosys’ board issued a statement blaming Murthy for Sikka’s resignation.
In a strongly worded statement the board said:
- Murthy’s continuous assault is the primary reason that Sikka resigned.
- Murthy’s letter contains factual inaccuracies, already disproved rumours and statements extracted out of context from his conversations with board members.
- The board will not be distracted by this misguided campaign of Murthy.
- Murthy’s campaign has undermined the company’s effort to transform itself.
- The board declines to speculate about Murthy’s motive for carrying out this campaign.
- Murthy did not provide any evidence in internal investigation of Panaya acquisition.
- Murthy demanded changes or else he would attack board members in public.
- Murthy preferred his diktat prevailed on remuneration package, despite shareholders’ approval.
- The board has no intention of asking Murthy to play a formal role in the organisation.
Murthy responded to the board statement by saying it was below his “dignity to respond to such baseless insinuations”.
Here is the full text of NR Narayana Murthy’s statement...
I have heard the statement issued by the Board of Directors of Infosys.
I am extremely anguished by the allegations, tone and tenor of the statements. I voluntarily left the Board in 2014 and am not seeking any money, position or power. My concern primarily was the deteriorating standard of corporate governance which I have repeatedly bought to the notice of the Infosys board.
It is below my dignity to respond to such baseless insinuations. However, several shareholders who have read the whistle-blower report have told me that it is hard to believe a report produced by a set of lawyers hired by a set of accused, giving a clean chit to the accused, and the accused refusing to disclose why they got a clean chit! They say that this is not the way an impartial and objective investigation should be held.
I will reply to these allegations in the right manner and in the right forum and at the appropriate time.
- Narayana Murthy, Founder, Infosys Ltd.