Sex Scandal: iGate sacks CEO Phaneesh Murthy
iGate’s board of directors took a strong decision by sacking its president and CEO Phaneesh Murthy following a claim of sexual harassment. The move gave a clear message that nobody not even the CEO is above the company policy.
However, Murthy’s contribution to iGate could not be ignored. He was associated with the company over a decade and helped the company to establish as a leader in the IT sector. Despite his hard efforts and dedication to the Firm, he had to lose his post because of the violation of iGate policy.
He will get the termination benefit of $6,000 per month until he and his spouse reach the age of 65 or become eligible for health coverage under a government-sponsored programme.
Following his exit, the board has appointed Gerhard Watzinger as president and CEO on an interim basis. Watzinger had earlier served as an executive at iGate from 1998 to 2003. During his tenure, the company had increased its market value by over 150%. He drove iGate solutions’ transition from a US-centric operation to an international organization across four continents.