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Concurrently, the board has appointed Gerhard Watzinger as president and CEO on an interim basis. The investigation, which is ongoing, has reached the finding that Murthy's failure to report this relationship violated iGate's policy, as well as Murthy's employment contract. The investigation has not uncovered any violation of iGate's harassment policy.
In This Pic : Phaneesh Murthy
Pic Courtesy : BCCL
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"The Board deliberated extensively on this matter," said Sunil Wadhwani, co-founder and co-chairman of the board of iGate. "We recognize the significant contributions Murthy has provided over the past ten years in helping to establish iGate as a leader in the IT industry. He has worked hard to improve the value of iGate, and we greatly appreciate his efforts. However, as a result of this violation of iGate policy, we asked Murthy to step down."
In This Pic : Phaneesh Murthy
Pic Courtesy : BCCL
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Murthy will get a post termination benefit of $6,000 per month, indexed for inflation, until he and his spouse reach the age of 65 or become eligible for health coverage under a government-sponsored program, said the recent SEC filing.
In This Pic : Phaneesh Murthy
Pic Courtesy : BCCL
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Previously, former Infosys employee Rekha Maximovitch had filed a sexual harassment case against Murthy.
In This Pic : Phaneesh Murthy
Pic Courtesy : BCCL
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