Despite the Ongoing Attempts Towards Reconciliation, Rift Between the Infosys Board and the Founders is Unlikely to End Any Time Soon
The difference of opinion between the founders of India’s second largest IT firm Infosys and its board of directors is likely to continue as both parties refuse to budge from their positions. It all began when the company's founding CEO N.R. Narayana Murthy criticised the board for a sharp increase in the compensation package for CEO Vishal Sikka and for offering hefty severance packages to a couple of senior employees, including former chief financial officer Rajiv Bansal. Sikka and Infosys chairman R. Seshasayee, however, strongly defended most of the board's actions that earned the wrath of the founding members.
Experts following the developments are divided. Amit Chandra, research analyst at HDFC Securities, said most of the controversial issues raised by the founders, including the acquisition of the Israeli software company Panaya, the severance package for Bansal and Sikka's compensation, were approved by shareholders. “During the last AGM, 98 per cent of the shareholders voted in favour of a salary hike for Sikka.
As far as Bansal's issue is concerned, there may have been a concern that he may disclose some of the internal secrets of the company after he left. Besides, earlier CFOs enjoyed stock options, which Bansal did not have,” said Chandra.
この記事は THE WEEK の February 26, 2017 版に掲載されています。
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