Addressing an investors' call Tuesday evening, Infosys co-founder N R Narayana Murthy said former Infosys board chairman V Seshasayee had told him that the board had agreed to pay a high severance package to former chief financial officer Rajiv Bansal as it was generous. "On June 18, 2016, Mr. Seshasayee told the shareholders of Infosys at the AGM that the Board agreed to pay that sum to Mr. Bansal because he was “privy to a lot of price sensitive information as CFOs are”. Please note that no previous CFO of the company, nor the current CFO had or have such an excessive severance pay clause in their contracts," Murthy said.
He lauded Nandan Nilekani's appointment as the non-chairman of the company, and said he hoped Infosys would regain its stature as a globally respected firm. "Happy that Nilekani has taken over as chairman of Infosys. Nilekani will bring back glory to Infosy," he said.
Referring to his much-publicised spat with the company's board and former CEO & MD Vishal Sikka, Murthy said recent developments had been like a personal attack on him.
Key points:
1. It is hurtful, to say the least, that this has been directed as a personal attack on me instead of looking at the facts.
2. The rejuvenation of the Board has already begun with the resignation of Mr. R Seshasayee and some other board members
3. On June 18, 2016, Mr. Seshasayee told the shareholders of Infosys at the AGM that the Board agreed to pay that sum to Mr. Bansal because he was “privy to a lot of price sensitive information as CFOs are”. Please note that no previous CFO of the company, nor the current CFO had or have such an excessive severance pay clause in their contracts.
4. I wish Nandan the best of everything in his effort to bring back Acche Din to Infosys.
5. I am confident that the management team and the professionals at Infosys will rally behind Nandan and bring back the glory days.