With a clutch of high-profile co-founders gunning for the Infosys board, Chairman R Seshasayee on Monday appeared defiant in the face of biggest crisis at India’s second-largest IT firm, saying he has been elected by shareholders and has a job to do that he will do.
Seshasayee defended Chief Executive Officer Vishal Sikka’s pay package, which has been increased to $11 million from $7.08 million, saying the compensation is tied to achievement of very high levels of target. He also defended large severance package to some former executives and said the board will continue to uphold high standards of governance.
More than a week after co-founders NR Narayana Murthy, Nandan Nilekani and Kris Gopalakrishnan flagged what they said were corporate governance issues, Seshasayee and other board members, addressed an hour-long press conference to clear the air.
“Shareholders and board have asked me to do a job. As long as they don’t ask me... I will do my job,” he said.