As many as 12 fund managers, representing institutional investors in Infosys, have suggested bringing co-founder and former CEO Nandan Nilekani back on the board of the IT major to restore confidence of stakeholders and help resolve the crisis.
This is the second major pitch for bringing back Nilekani after an investor advisory firm IiAS said the co-founder, who had served as CEO between March 2002 to April 2007 and later went on to head the UIDAI, should be brought back on the Infosys board as its non-executive chairman.
As the crisis continues at Infosys following the sudden resignation of its first non-founder CEO Vishal Sikka amid a public spat between some founders and the top management, the company’s stock crashed 15 per cent for two straight trading sessions, eroding its market wealth by Rs. 34,000 crore.
“The recent developments are very concerning to each one of us,” the 12 fund mangers said in a joint letter, which sources said, has been written to Infosys chairman, among others.
