Feedback From Clients Positive And Reassuring, Says Infosys
Infosys Ltd. said that the feedback from its clients and stakeholders, despite weeks of acrimony between the founders and former board members, has been “positive and reassuring” and it is now focusing on executing its strategy.
The Bengaluru-based firm has been in the eye of a storm over the past few months, with the two sides clashing over allegations such as corporate governance lapses and irregularities in Infosys’ $200-million Panaya acquisition.
“Since Vishal’s exit and Nandan’s return to the board, we have had a massive outreach. We have talked to all the stakeholders, clients and employees,” Infosys’ interim Chief Executive Officer and Managing Director UB Pravin Rao said at the Citi Global Technology Conference 2017.
He added that the company has also reached out to investors and industry consultants and "the feedback, more or less, has been extremely positive and reassuring."
Rao said Nilekani's return has brought in a sense of stability at the board level.
Nandan’s primary focus as the non-executive chairman is more on the board governance, board oversight but at the same time, he will also be tasked with CEO succession planning.UB Pravin Rao, Interim MD And CEO, Infosys
On August 18, the then CEO Vishal Sikka quit Infosys. The following week saw the exit of four board members, including Chairman R Seshasayee, who had blamed co- founder NR Narayana Murthy’s “misguided campaign” for Sikka's abrupt exit.
Co-founder Nandan Nilekani was named the non-executive chairman in a move that was seen as the company bowing to the demands of co-founders and large institutional investors.
Referring to Sikka's exit, Rao said while many clients were ‘sad’ to see him go, at the same time, they acknowledged the fact that the “relationship between both the organisations lasts beyond individuals.”
...once we gave them (investors) a reassurance of continuity in strategy and stability, they were fairly comfortable.UB Pravin Rao, Interim MD And CEO, Infosys
Asked if Infosys would change its revenue guidance for the year, Rao said there were still three weeks to go in this quarter and that focus currently is on strategy execution.