Business Economy 06 Sep 2017 After Sikka's e ...

After Sikka's exit, Infosys delays Q2 results by 2 weeks to October 24

DECCAN CHRONICLE.
Published Sep 6, 2017, 1:35 pm IST
Updated Sep 6, 2017, 1:37 pm IST
It will be the first quarter results announcement after Sikka’s controversial exit and Nandan Nilekani's return to board.
Infosys will be delaying its Q2 results in October after Vishal Sikka's exit as CEO and MD. Photo: PTI
 Infosys will be delaying its Q2 results in October after Vishal Sikka's exit as CEO and MD. Photo: PTI

Mumbai: After the high-profile exit of its CEO Vishal Sikka, Infosys on Tuesday said it will announce the financial results for second quarter ending September 30, 2017 on October 24.

This is a departure from its tradition of announcing the results in first week of October.  According to a report in the Financial Express, Infosys said “A meeting of the board of directors of the company will be held on October 23 and October 24 to consider the audited consolidated financial results of the company and its subsidiaries”.

 

Moreover, this will be the first quarter results announcement after Sikka’s controversial exit and the return of co-founder Nandan Nilekani to the company’s helm.

Nilekani, who was roped in by the board to steer the company out of crisis, had earlier said that the board is likely to brainstorm and announce its strategy in the October announcement. “The board has also tasked its committee of directors to work with the CEO and management to review and refresh the company’s strategy by October,” he had said.

Vishal Sikka stepped down from his position as CEO and MD, citing “malicious”, “personal” attacks and the Infosys board rushed to his defense by blaming co-founder Narayana Murthy for his “continuous assaults” against Sikka.

 

Murthy had been criticising the company’s management in the event of a global IT job crunch. Among other issues, he had spoken out against Sikka’s pay package, severance packages of various top bosses and the Panaya investigation.

Sikka’s resignation led to a corporate crisis in Infosys and a good deal of blame game ensued till Nilekani joined and stressed on the need for maintaining a good relationship with co-founder Narayana Murthy.

Meanwhile, Nilekani, along with the company board, is also hunting for a new CEO to lead the tech giant.

 

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