When Vishal Sikka announced his decision to step down from the post of CEO and MD of Infosys on August 18, 2017, it marked the latest link (though likely not the last one) in the chain of events set off post the acquisition of Panaya, an automation technology company.
Infosys was staring down a barrel in 2013, as it appeared to have given up its industry bellwether tag, missing guidance for many quarters, and was looking beyond its famed promoters for succor. It found in Sikka just the kind of visionary “non-promoter” leader who would give this company a fresh strategy and steer it in this decade and beyond. The investors, founders, and employees were all equally excited. However, less than a year later, issues were raised internally about corporate governance related to the acquisition of Panaya (February 2015). NRN Murthy, one of the promoters, took up these issues with characteristic activism, which finally led to Sikka putting in his papers last Friday.
While the unsavory details related to the conflict between Infosys’ board and promoters have hogged the limelight, what is missing in the media discourse is a factual report card of Sikka’s performance. This is what this analysis aims to accomplish.
This viewpoint brings into perspective the following:
- Change of guard: Comparison of the “promoter-led” strategy (2010-2014) with the “Sikka-led” strategy (2014-2017)
- The Sikka report card: What worked and what did not under its first non-promoter non-founder CEO
- How it matters: Implications for customers and competitors
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