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Infosys boss quits after 'malicious and personal attacks' from company's founders
The CEO of Indian IT services giant Infosys has shocked the stock market by quitting the top job after complaining of months of “false, baseless, malicious and increasingly personal attacks” from the company's founders. Vishal Sikka's departure, which sent Infosys shares down around 8pc, comes after a protracted war of words between Infosys and its founders, who the board have accused of "undermining" the company. The founders, who still own 12.75pc of Infosys, have in the past questioned a pay rise granted to Dr Sikka as well as the size of severance payouts given to others. In his resignation letter, Dr Sikka said: "Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks. "This continuous drumbeat of distractions and negativity... inhibits our ability to make positive change and stay focused on value creation." In a statement, Infosys said the company's founder, Narayana Murthy, had "undermined" the company. "Dr Murthy's continuous assault... is the primary reason that the CEO, Dr Vishal Sikka, has resigned despite strong support," Infosys said. Vishal Sikka speaks to the media earlier this year Credit: REUTERS "Dr Murthy's campaign against the board and the company has had the unfortunate effect to undermine the company's efforts to transform itself." A former member of the executive board at German software firm SAP, Dr Sikka took the top job at Infosys in 2014, becoming the first CEO of the company who was not one of its founders. He was known for frequently wearing black t-shirts and a blazer, in contrast to his suit-clad peers. "There is some level of uncertainty as we wait until the new CEO and managing director comes in, and it does put the company in some form of uncertainty in terms of strategy," said Apurva Prasad, ...Read the rest of this story
Barcelona terror attack and unraveling Trump administration knock FTSE 100
European equities plunge into the red as the terror attack in Barcelona and the political quagmire in Washington weigh on investor sentiment British Airways-owner IAG and easyJet retreat on the FTSE 100 as tourism stocks are hit by events in Spain Pound nudges up against the dollar; trading at $1.2892 10:09AM Tide turning on the markets over Donald Trump Apple chief executive Tim Cook (far left) was very critical of Mr Trump's response to events in Charlottesville The markets have largely turned a blind eye to the Republican infighting, constantly rotating line-up at the White House and late night tweet storms but confidence finally appears to be ebbing. The US business community had largely been kept on-side and stocks rallied to multiple all-time highs but, with Mr Trump axing three business councils, including one on his key infrastructure plans, doubts are emerging that the president has the political capital to enact his plans. Reports that the president's chief economic advisor Gary Cohn quit yesterday have later been denied but the quagmire hasn't improved confidence in the administration, Rebecca O'Keeffe, head of investment at Interactive Investor, said this on falling confidence: "Far from being a force for change, seven months into his presidency there has been no noticeable policy success and US politics is more divided than ever. "Dissolving his infrastructure council before it even began highlights just how volatile the situation is and the question for investors is changing from what support Trump may deliver to markets to what risk he brings." 9:59AM Trump abandons Advisory Council on Infrastructure; doubts rise over spending plans Mr Trump disbanded the councils as business leaders started to quit In addition to events in Spain, investor sentiment has been weakened this morning by US president Donald Trump abandoning plans for an Advisory Council ...Read the rest of this story
The Latest: Irish, Romanian citizens among Barcelona injured
The Latest on the Spain attacks (all times local): 11:10 a.m. The Irish and Romanian governments have both confirmed that their nationals were among the 100 people injured when a truck was driven at tourists ...
Octagon's Chapman Says Bitcoin to Hit $10K by Year's End
Aug.17 -- Dave Chapman, managing director at Octagon Strategy, discusses the potential for a bubble in the bitcoin market and his outlook for the cryptocurrency. He speaks on "Bloomberg Markets: Asia." (Corrects headline to better reflect guest's comments)
Top U.S. general reaffirms commitment to Japan amid N.Korea tensions
The top U.S. general repeated Washington's "ironclad commitment" to the security of its close Asian ally, Japan, on Friday amid regional tensions over North Korea, telling his counterpart in Tokyo that "an attack on one is an attack on both of us". Fears about North Korea's missile and nuclear weapons programmes have grown in recent weeks.