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| 'Vishal Sikka Means Lots of Money': |
| 'Vishal Sikka Means Lots of Money': Narayana Murthy on New Infy CEO
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| INDIA
, 12-June-2014
4:29:16 AM |
| Vishal Sikka means lots of money," said Infosys founder Narayana Murthy as he detailed the massive top-level changes that the IT major has announced today.
Addressing a press conference, Mr Murthy, 67, welcomed 45-year-old Vishal Sikka as chief executive officer. This is the first time India's second-largest IT services exporter has not chosen one of its founders for the role, as it looks to regain market share and stem a staff exodus.
Mr Murthy said he would step down on Saturday, nearly a year after he was brought in from retirement to help the company better compete with rivals like Tata Consultancy Services (TCS) and Wipro.
"I welcome our newest Infoscion...I am equally pleased to announce that our colleague for 28 years Pravin Rao has been elevated to COO," Mr Murthy said, also announcing that as his office as executive chairman is dissolved, his Rohan Murthy will leave the company.
Mr Murthy's latest tenure, during which he brought in his son Rohan as an executive assistant, has been marred by high staff turnover and management uncertainty, factors that led to loss of market share for a company that was once a leader in India's $100-plus billion (Rs. 6 lakh crore) a year IT export business, and intensified investor pressure for a change of guard.
Dr Sikka's biggest challenge as Infosys CEO will be to fill the leadership vacuum created by the exodus of senior executives, many of whom were responsible for key business sectors and winning clients, analysts said.
Mr Murthy said, "The highest honour in my family is reserved for scholars. Vishal has a PhD, he is special to me." And also, "As a south Indian I did not know what Sikka means. He told me it means money. So Vishal Sikka means lots of money, big money. This is what we need for Infosys."
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