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In a huge blow to <keyword id="6354512" type="ORGANIZATION" weightage="100" keywordseo="infosys">Infosys</keyword>, <keyword id="6369763" type="PERSON" weightage="100" keywordseo="vishal-sikka">Vishal Sikka</keyword> resigned as the MD and CEO of the company. Right now, U B Pravin Rao has been appointed as interim-managing director and chief executive. In his letter to employees, Sikka said he cannot carry out his job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks. In his letter, Sikka said the journey was difficult and he was proud of how the Infosys board worked, tirelessly, selflessly, these past quarters, despite intense, unfair, and often malicious and personal, criticism, in not only upholding the standards of governance and integrity, but also indeed raising these. Here’s Vishal Sikka's letter to the employees of Infosys: Dear Friends, After a lot of reflection, I have resigned from my position as your MD &amp; CEO effective today. A succession process has been initiated, with Pravin serving as interim MD &amp; CEO, and I will work closely with the Board and management team over the next few months to ensure a smooth transition. In addition, I have agreed to serve as Executive Vice Chairman on the Board to further ensure continuity until the new management is in place. For days, indeed weeks, this decision has weighed on me. I have wrestled the pros and cons, the issues and the counterbalancing arguments. But now, after much thought, and considering the environment of the last few quarters, I am clear in my decision. It is clear to me that despite our successes over the last three years, and the powerful seeds of innovation that we have sown, I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks. In 2014, we started with a very challenging set of conditions, and in the last three years, we have decisively turned things around. Three years ago, I started this journey with a calling, to help reshape the company around innovation and entrepreneurship, to deliver breakthrough value for clients, and to help elevate our work, our standing, our selves, on the basis of a dual strategy, bringing together dualities of renew and new, automation and innovation, people and software, to show a new path forward in a time of unprecedented disruption within the industry and beyond. That time, around and before June 2014, was a difficult time. Our growth rates were low and attrition was high. There was a sense of apprehension all around and I came here to help enable a great transformation as our core business faced intense pricing pressure, and clients looked increasingly to innovative partners to help shape their digital futures. Now, a bit more than three years later, I am happy to see the company doing better in every dimension I can think of. We have grown our revenues, from $2.13B in Q1FY15 to $2.65B this past Q1. We did so while keeping a strong focus on margins, closing this past quarter at 24.1% operating margin, beating some competitors for the first time in many years, and improving against most in our industry. Perhaps more importantly, our revenue per employee has grown for six quarters in a row. Our attrition has fallen, from 23.4% in Q1FY15 to 16.9% this past Q1, and high performer attrition is hovering at or below the single-digit threshold for a while now. We grew our $100M+ clients from 12 when I started, to 19, and increased our large deal wins from ~$1.9B in FY15 to ~$3.5B this past year. We've done all this while improving our overall utilization, to a 10-yr high this past quarter, and an all time high including trainees, while improving our cash reserves, rewarding employees with a new equity plan, and returning cash to our stakeholders. And we have done all this while improving our standing with clients to the highest ever in the 12 years since we've done our client satisfaction survey, and a jump of 22 points in CxO satisfaction. A few days ago, Nitesh, Radha, and I met a client in our office in Palo Alto. It is one of the largest companies in the world - and the CIO was excited and proud about seeing automation come to life in their landscape. Her reaction to seeing many of our innovation projects, as well as our workspace itself, was thoroughly rewarding, and a testament to all we have achieved. She requested us to bring our innovative work and processes to everything we do with her team in a similar space, and even that we help them establish a similar presence for their company in the valley! This is a sentiment I've often heard from clients who've visited our 12,000 sqft space here, that has seen 2200 visits over its ~27 months; clients where we saw much faster than average revenue growth following their visits. So, as I look back on the three years as CEO, what brings me the most joy is the new roads that all of you have traveled, the new frontiers that all of you have enabled. From embracing the new ideas in education, teaching ourselves Design Thinking like no one else ever has, learning AI, new development processes, and more, to applying these learnings via Zero Distance, a one-of-a-kind program of massive grassroots innovation, powered by education, by the amazing Zero Bench, and by your creative confidence. With 16500+ ideas generated, 2200+ of which have already been implemented, ZD is proof that innovation need not be the domain of a chosen few in some elite department, but is the prerogative of us all; proof that the extraordinary within each one of us can indeed be unleashed. To complement this grassroots innovation, we've launched 25+ new services that contributed 8.3% of our revenue last quarter, up from zero in April 2015. And our own new software business is now at 1.6% of revenue. Our AI platform, Nia, now with 160+ scenarios deployed at more than 70 clients, is helping drive both automation within the company, and breakthrough new business scenarios outside. Beyond new services and new software, we've ventured into new horizons, from our startup fund's investments in promising new businesses, to the work we've done in the last 3 years in local hiring around the world, especially in the US, to the exemplary and inspiring work our US foundation has done in bringing computer science education and a culture of making, to the masses. And I am proud of how we have upheld our values, our culture, our integrity, whilst we have gone about this massive transformation. I am proud of how our Board has worked, tirelessly, selflessly, these past quarters, despite intense, unfair, and often malicious and personal, criticism, in not only upholding our standards of governance and integrity, but also indeed raising these. None of our successes would be worthwhile for a moment, if this was not the case. I was, and remain, passionate about the massive transformation opportunity for this company and industry, but we all need to allow the company to move beyond the noise and distractions. Back in May 2014, when I first met many board colleagues, I thought of the road ahead as a road for the next 33 years of this iconic company. For Infosys is more than a company: it is an idea, a dream, a pioneering possibility. Back then I thought, just as I do today, that the time ahead called for a company that could show the way to a digital future, a future where our humanity, amplified by automation and software, would unleash our creativity, our imagination, to construct great worlds of our futures, and would do so powered by education, by our timeless value of learnability. Such an Infosys, whilst staying true to its core, to her values and timeless principles, would shine the light in an altogether different context, a different reality. Such an Infosys would be one where an individual's entrepreneurship, ability to imagine and create, ability to learn, and to amplify themselves with software, with AI, would create a greater whole. Rather than an overarching system enabling the people, the people's agility and imagination would create a greater system. Three years later, we can clearly see that the seeds of this idea have taken root and are growing, into beautiful new flowers and plants, and I see no reason why these cannot continue, and help shape our company's future. For sure this journey has been a difficult one. No one, especially me, thought it would be easy. Transformations are hard to begin with. A massive transformation, of such an iconic institution, with such groundbreaking achievements behind her, would be even tougher, and the exponential rates of change all around us, further amplified by geopolitical matters, would add that much more headwind. But all this was known, and clear, and in many ways added to the calling that I felt. For as the legendary architect Daniel Burnham said, "Make no little plans; they have no magic to stir man's blood., But after much contemplation I have decided to leave because the distractions, the very public noise around us, have created an untenable atmosphere. I deeply believe in creating value in an atmosphere of freedom, trust and empowerment. Life is too short to engage in battles of opinions in the public, these add no value, take critical time and focus away from the business, and indeed add more to the noise, to the eardrum buzz, as I wrote to you a few months ago. The founding principle of the strategy I laid out for our renewal was personal empowerment, working in an entrepreneurial environment. I need this for my own work as well. Steve Jobs, in his famous commencement speech at my alma mater, said: "Your time is limited, don't waste it living someone else's life. Don't be trapped by dogma, which is living the result of other people's thinking. Don't let the noise of other opinions drown your own inner voice. And most important, have the courage to follow your heart and intuition, they somehow already know what you truly want to become., I now need to move forward, and return to an environment of respect, trust and empowerment, where I can take on new lofty challenges, as can each of you. As Steve Jobs said, I must follow my heart and my intuition, build my buildings, give my givings, and do something else. Over the next weeks and months, I look forward to working with the Board and management to create a smooth transition, and simultaneously staring into the great unknown, and to doing something great, something purposeful, for the times ahead. And also to spend some time with my loved ones. I've been away from home far too often and far too long. As I completed my three years recently, many people asked me if I have any regrets. This question is more apt today and the answer is a clear NO. Not for a second. However difficult the noise of the last several months has been, I wouldn't trade our time together for anything. I would not give up the experience of seeing the gleam in your eyes as you described a new idea, invention, or contribution. You worked on these confidently, without reward, without arrogance, showing exactly the kind of creative confidence that David Kelley talked about in Design Thinking - a wonderful thing to witness. I am deeply grateful for the immense support and love I've received from all of you, from our worthy clients for whom we do our life's work, and by our shareholders across the globe. I am grateful for your trust, confidence and friendship, and am thankful to our team of amazing leaders, who will help lead our company to greatness. To my first Infoscion colleague and trusted friend Ranga, who enabled us to achieve the things we achieved, to the amazing Ravi, a pocket of passion and energy and execution excellence, to the calm and steadfast Mohit, who introduced me to the band of brothers and lived it, day after day, to the larger than life Rajesh, with his great heart and big laugh, to Binod, a veritable bulldozer brother with his broad shoulders and broader smile, to the one of a kind Ramadas, the architect and protector of our magnificent campuses with his indomitable spirit and world-class excellence, to the always smiling Deepak who helped live the strategy, to Krish and the best HR team in the world, especially the extraordinary Richard, Nanju, Shruthi and their amazing team for helping to carry out some of the craziest and most amazing people initiatives, to Inderpreet, a new voice to the team, a voice of calm, strength, integrity and a stability that far belies the little time she's been with us, to Jayesh and our entire finance team for their dedication, their impeccable meticulous integrity and world-class excellence, and especially to my partner, friend, and pillar of strength, Pravin, who carried all the load in the world, with a smile, impeccable integrity and the most amazing grace, and will now lead you to the next phase of our company's growth. To Zaiba, Bala sir, Nagaraju, Hari and many others for making it possible for me to be me and to do my work, to my Palo Alto family: Sanjay, Abdul, Navin, Ritika, Barbara, Tao, Vinod, Shabana, April, Sudhir and others who have stood by me and have given up so much to be a part of this journey and contributed so much to it, and indeed to thousands of Infoscions who've made it all matter. I am thankful to Sesh and our entire board for their unfailing support and confidence in me throughout this journey. Together we have achieved a lot. Even in the midst of all of the distractions, even as the tendency was to return to the familiar, we still managed to persevere and make wonderful progress. We have laid the foundation for the next 30 years of Infosys, and I feel deeply proud to have worked alongside all of you in sowing the seeds that will return this company to the bellwether it once was. As you've all often reminded us, Infosys is no bigger and no smaller than any of us, the people, the Infoscions. You are the ones that will take Infosys to the next 30 years and beyond. As I think about the time ahead, for all of us, I can only see us powered by a freedom from the known, of renewing ourselves to thrive in the time ahead. Each one of you has vindicated my deeply held belief that people are capable of doing more, achieving more, being more, than they ever imagined possible. So, keep pushing yourself to do better at whatever you are good at, but also learning to do things you have never done before, indeed, nobody has ever done before. I know I will be doing the same. The Board, Pravin, and I will communicate additional details as we move forward in this transition, and meanwhile, we continue our work as is. I wish all of you the very best in your journeys ahead.

Vishal Sikka leaves Infosys citing malicious, baseless personal attacks. Read his full letter here

<ul class="summary-list"><li>On Monday, Oracle announced that Vishal Sikka joined its board.</li><li>Buried in the SEC forms announcing the appointment was a tidbit about a three-month consulting contract, where Oracle paid Sikka $2,000 an hour for up to 50 hours worth of consulting work.</li><li>Sikka has a long and storied history in the tech world and was once the star of Oracle's eternal arch-rival SAP.</li><li>Today he's CEO of a startup launched earlier this year with $50 million in seed funding from undisclosed sources and a who's who from Silicon Valley to serve as advisors.</li><li><a href="https://www.businessinsider.com/prime">Click here to read more BI Prime stories</a>.</li></ul>On Monday, Oracle <a href="https://www.sec.gov/Archives/edgar/data/1341439/000119312518160979/d585930d8k.htm">announced</a> that Vishal Sikka joined its board, in what has to be a cat-eats-the canary moment for Oracle CEO Safra Catz.Sikka is known as an expertise in databases and AI with a long and storied career in the tech industry.Today, he's perhaps best known for his tumultuous three years as CEO of Indian outsourcer Infosys. He was first hired in 2014 to transform the Indian tech powerhouse, but a power struggle with founder and former CEO Narayana Murthy - a board member and major shareholder - dogged his tenure there.Sikka grew so frustrated by what he perceived as unfair personal attacks <a href="https://www.livemint.com/Companies/eeK2B7ISo6JWXZlSBnecMO/Infosys-directors-said-Sikka-not-CEO-material-Narayana-Murth.html">by Murthy</a> that when he resigned in 2017, <a href="https://vishalsikka.blogspot.com/2017/08/moving-on.html">he published his resignation letter</a>. This, in turn, caused the company's board to also <a href="https://www.infosys.com/newsroom/press-releases/2017/company-statement-18august2017.html">publish an unusual letter</a> which defended Sikka and shook a finger at Murthy.Before that, though, Sikka served as CTO of SAP, known as the genius technologist behind Hana, the company's all-important database product. Hana is an in-memory database that was supposed to help SAP best its arch-rival Oracle on its own turf, the database. Many of SAP's customers use Oracle's database and Hana was to be their alternative.Hana has become a major product and platform for SAP and Sikka's star was bright when he shocked the world in 2014 by leaving the company to take the role at Infosys.Sources <a href="https://www.businessinsider.com/sources-why-vishal-sikka-left-sap-2014-5">told Business Insider at the time</a> that Sikka had hoped to be promoted into a co-CEO role or other prominent position but instead Bill McDermott took over as sole CEO. (McDermott left SAP earlier this year, too, and is now CEO of a smaller company, ServiceNow.)<h2>A new startup</h2>Sikka founded his own AI startup, Vianai Systems, earlier this year, with a $50 million seed round from undisclosed sources.Vianai is being advised by a who's who of Silicon Valley including self-driving car guru Sebastian Thrun; Divesh Makan, the founder of ICONIQ Capital, a venture firm known for managing the money of many Silicon Valley billionaires like Mark Zuckerberg; and Henning Kagermann, the former chairman and CEO of SAP.Vianai was launched at Oracle's big tech conference in September, but if Oracle has any interest in the company beyond that, it has not said so.<h2>A $2,000/hour consulting contract</h2>However, in the paperwork announcing Sikka's appointment to its board, Oracle did disclose that it signed a three-month contract with Sikka's consulting company, Hang Ten, that pays $2,000/hour. Oracle says the contract will involve between 20 - 50 hours of consulting services and sales support per month, which works out to $40,000 - $100,000 a month. That's on top of the pay and stock Sikka will receive as an Oracle board member.While Sikka has been Oracle's friend during the years since leaving SAP, having him on the board with fiduciary responsibilities to Oracle has got to feel pretty good to Catz and Ellison.Catz admitted <a href="https://www.businessinsider.com/oracle-ceo-safra-catz-on-sap-2015-5">in a rare 2015 press conference</a> that SAP's position as the No. 1 in enterprise apps, with Oracle at No. 2, still fires up her competitive spirit. "Silver medal is the first loser," she said then.Today, the battle is on for cloud dominance and Oracle has its dukes up with Amazon Web Services and is less focused on SAP. McDermott took SAP out of that fight, opting to partner with the major cloud players (including Microsoft and Amazon, but not Oracle) rather than build its own cloud.<h2>Oracle's push into AI</h2>Sikka's expertise with AI will help Oracle build more AI into its cloud, <a href="https://www.oracle.com/corporate/pressrelease/vishal-sikka-named-to-board-of-directors-120919.html">Ellison said</a> in the press release announcing the appointment.And who knows? Maybe Sikka will find his way into a co-CEO role with Catz, taking over for the late Mark Hurd. There's something full-circle about that thought.In any case, Oracle has been steadily refreshing its board. It added Rona Fairhead last summer and it added Charles "Wick" Moorman and William Parrett last year.<a href="https://www.businessinsider.com/oracle-board-members-support-lawsuit-against-larry-ellison-safra-catz-2019-8">As we previously reported,</a> Oracle's board is currently involved in an unusual shareholder derivative lawsuit over Oracle's $9 billion cash purchase of NetSuite, a company Ellison controlled, where its own board committee, that included Moorman and Parrett, gave its blessing for the suit to proceed against all the board members who were on the board at the time of that transaction.Should that suit prevail, Ellison may be on the hook for giving back to Oracle some of the $4 billion cash he pocketed in the deal. An Oracle spokesperson has said the suit is without merit.<ul class="read-more-links"><li>Now read:</li><li><a href="https://www.businessinsider.com/safra-catz-ceo-oracle-team-mark-hurd-2019-10">Oracle must decide quickly if Safra Catz really needs an exec to step up as her new co-CEO</a></li><li><a href="https://www.businessinsider.com/oracle-ceo-mark-hurd-dies-larry-ellison-honors-memory-statement-2019-10">Read Larry Ellison's email to employees honoring the memory of 'brilliant and beloved' Oracle CEO Mark Hurd</a></li><li><a href="https://www.businessinsider.com/bill-mcdermott-sap-ceo-acquisitions-elliott-management-2019-10">SAP CEO Bill McDermott resigned six months after activist investor Elliott elbowed in</a></li><li><a href="https://www.businessinsider.com/larry-ellison-oracle-board-candidates-next-ceo-2019-9">Larry Ellison is giving Oracle's board 5 internal candidates for the next CEO</a></li></ul>

Oracle agreed to pay its former arch-rival Vishal Sikka $2,000 an hour before he joined the company's board

The spat between <a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> founders and the board members regarding the pay packages and governance issues is getting uglier. 
 On one hand where <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> founders are raising objections over pay hikes and severance packages of the people at the helm, the board is saying not much has been raised in the salaries of the top management. 
 
Infosys founder <a href="http://www.businessinsider.in/searchresult.cms?query=narayana+murthy&amp;sortorder=effectivedate">NR Narayana Murthy</a> wrote a letter criticising pay hike given to <a href="http://www.businessinsider.in/searchresult.cms?query=pravin+rao&amp;sortorder=effectivedate">Infosys COO Pravin Rao</a>, calling it unjustified. 
 
However, <a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Infosys CEO Vishal Sikka</a> said pay hike is critical to retain top talent. 
 "It is essential for us to see that this revision in his compensation, as with several of our senior leadership team, is focused on making Infosys more competitive, is benchmarked against peers. (It) is critical for us to retain key talent and align the long-term interests of our leadership team with that of our shareholders," said CEO <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>. 
 
Meanwhile, Infosys stated the stock given to Rao has a vesting period of four years. This means the net increase in his compensation for fiscal 2018 will be 1.4% which could go up to 33.4% in the fourth year, assuming similar grants are made in subsequent years. 
 
The company said cash component of Rao's salary, including annual cash bonus, has fallen 10.6% to Rs 4.6 crore from Rs 5.2 crore earlier while the performance-based component, directly linked to company and individual performance, has been increased to 63% from 45% of total compensation. 
 
"I do not see Rao's compensation as a corporate governance issue. That is because it is not a related party transaction. Rao is a professional and not a promoter," said JN Gupta, managing director at Stakeholders Empowerment Services. 
 
The issue will be discussed during the two-day board meeting, which is scheduled for April 12 and 13.

Infosys founders Vs board: Here’s what CEO Vishal Sikka said in COO Pravin Rao's defence

<ul class="summary-list"><li>The blank-check company that previously announced it's taking <keyword id="12711455" type="UNKNOWN" weightage="60" keywordseo="better" source="Orion">Better</keyword> public is standing behind the company.</li><li>Better employees have called for CEO <keyword id="12704893" type="UNKNOWN" weightage="60" keywordseo="vishal-garg" source="Orion">Vishal Garg</keyword>'s resignation after he laid off 900 workers in a video call.</li></ul>At a time when Better founder and CEO Vishal Garg is facing internal and external calls for his resignation, the company officially has the support of a key partner: the blank-check firm intending to take Better public.In <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1835856/000119312521366661/d279737d8k.htm">regulatory filings</a> with the SEC on Monday, <keyword id="12189643" type="UNKNOWN" weightage="60" keywordseo="aurora" source="Orion">Aurora</keyword> Acquisition Corp. noted Garg's decision to remain as CEO even as he steps away from his duties "to reflect and refocus."Aurora's filing was in response to "events which occurred" earlier this month — an opaque reference to a widely publicized video call in which Garg <a href="https://www.businessinsider.com/online-mortgage-startup-better-lays-off-staff-as-ipo-looms-2021-12">laid off 900 employees</a>, and later said many were "<a href="https://www.businessinsider.com/better-com-ceo-accused-hundreds-layoff-staff-working-2-hours-2021-12?r=US&amp;IR=T">stealing</a>" from the company.The fallout from the scandal rocked the digital mortgage company, but Aurora said that it "remains confident in Better and the proposed transaction."Better did not immediately respond to Insider's request for a comment on the filing. Following the scandal, Garg apologized in a <a href="https://cdn.brandfolder.io/A8SA0YBW/at/ggkbfpsbjbvc335cprpv33bg/A_Message_From_Our_Founder___CEO.pdf" target="_blank" rel="noopener noreferrer">letter to staff</a> on December 6. "I realize that the way I communicated this <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword> made a difficult situation worse," he wrote. "I am deeply sorry and am committed to learning from this situation and doing more to be the leader that you expect me to be."The filing is the first indication of how investors feel about Better ahead of a planned deal to make it a public company. The transaction was expected to close during the fourth quarter of 2021, and was projected give Better a valuation of $7.7 billion, according to <a href="https://www.businesswire.com/news/home/20210511005602/en/Digital-Homeownership-Platform-Better-to-Become-a-Publicly-Listed-Company-via-Merger-with-Aurora-Acquisition-Corp.-Company-is-Redefining-the-Homeownership-Experience">an announcement in March</a>.Led by Thor Björgólfsson, Arnaud Massenet, and Prabhu Narasimhan, the London-based Aurora says it operates with a philosophy of "founders investing in Founders."Correction: This post has been updated to more accurately reflect Aurora's statement in its regulatory filing.

The SPAC backing Better says it 'remains confident' in the company amid CEO Vishal Garg's decision to take a break to 'reflect and refocus'

<a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> and the <keyword id="6376435" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword> are at loggerheads over functioning of the ministry’s website. 
 The ministry has alleged that <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>, which was entrusted with upgrading the ministry’s portal, did not fix glitches and also threatened the IT company of cancelling its full payment. 
 
However, Infosys has maintained that the entire system was performing as expected and all issues that had cropped up were fixed. 
 
"During the first few days after migrating to the new system, there were some issues which have been sorted out. There were some delays in the incorporation of some companies due to holidays. The ministry has made arrangements to clear the pendency by deploying additional assessment officers. This will take around 15 days to get cleared. Meanwhile, we would like to state that the system is performing as expected," an Infosys spokeswoman said in an email to ET. 
 Meanwhile, the ministry also wrote a letter to Infosys chief <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>. 
 
ET reported that Infosys had bagged the contract to upgrade the ministry’s website two years back on build-own-operate-transfer. 
 
"Since then we have been having problems, we would have understood if they were minor in nature but the magnitude of the issues were rather large. We have taken it up strongly with the top management of the company, which has ensured quick resolution," an official told ET. 
 
When the website was being updated and transition was underway, the ministry, reportedly, faced many issues. Defending itself, Infosys said since the upgradation, the number of filings on the site had actually increased. 
 
"Infosys has upgraded the MCA21 system to run on the SAP platform, which went live on March 27. Post the go-live, over 1,183 Indian companies have been incorporated and 1,647 limited liability partnerships have been registered. In addition, since March 27, there have been more than 2 lakh filings," Infosys told ET.

Ministry of Corporate Affairs accuses Infosys of botching up its website, threatens to cut payment

<keyword id="536283" type="PERSON" weightage="100" keywordseo="Rahul-Yadav">Rahul Yadav</keyword> has decided to step down as CEO of <keyword id="1960231" type="UNKNOWN" weightage="100" keywordseo="Housing-com">Housing.com</keyword> for the second time in less than two months, and this time it seems it is not a bluff. His resignation will be accepted by the board of the real estate portal, two people directly aware of the development said. 
 
Yadav, 26, who has been involved in a string of controversies, will be asked to stay on at the company and oversee product development. 
"After discussions with the board, Rahul has decided to step down," said a source. "There will be a board meeting within two weeks where this will be announced. He has let individual board members know." 
 
Rahul Yadav denied all such claims though. Yadav, an IIT-Bombay dropout and co-founder of Housing, did not immediately reply to queries from ET. A representative for <keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">SoftBank</keyword>, the biggest investor in Housing, did not reply to an email sent on Thursday morning. 
 
Japan's SoftBank, and another investor Falcon Edge, had taken charge of operations at Housing after Yadav's confrontation with the board in late April and early May. In a letter announcing his resignation as CEO, Yadav questioned the intellectual prowess of the investors, who persuaded him to stay on but made him tender an apology. 
 
SoftBank's representative on the board, Jonathan Bullock, oversees all major decisions at the company. Yadav has courted one controversy after another, earning him a reputation as an enfant terrible of the Indian startup industry. He started a social media spat with <keyword id="122716" type="CITY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>'s managing director Shailendra Singh, and most recently posted a photo of InfosysBSE -0.40 % CEO <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> sleeping at an airport lounge. The provocation was that Yadav apparently tried to wake up a sleeping Sikka, who brushed him off saying he was too tired to talk to him. 
 
 The board of Housing has been on the lookout for a potential successor to Yadav for some time. Recruitment agency <keyword id="2918431" type="UNKNOWN" weightage="20" keywordseo="Spencer-and-Stuart">Spencer and Stuart</keyword> has been leading the mandate for a new CEO. 
 
Housing was founded in 2012 by a dozen college-mates from IIT-Mumbai, of whom three have left the company. Housing, which competes with CommonFloor, 99Acres, and MagicBricks, owned by the publisher of this paper, has attracted more than $120 million (Rs 760 crore) in funding and is valued at over Rs 1,500 crore.

Rahul Yadav quits Housing.com, again

India’s second largest software exporter <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> has appointed David D Kennedy as executive vice president and general counsel for the company. Kennedy will also serve as the executive officer of the IT major for the purposes of SEC reporting (a financial statement submitted to the US securities and exchange commission). 
	 “We are really excited to have David join us at Infosys as our General Council. Having served in leading legal roles at prominent technology companies over a 25 year career, David brings diverse and rich experience to lead this key dimension in the evolution of Infosys as we reshape into a next-generation services company. We wish him great success and look forward to working together,” said <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>, chief executive officer and managing director of Infosys. 
	 Kennedy previously served US-based software and consultancy firm JDA Software Group as the executive vice president, corporate secretary and chief legal officer. In one of his previous stint, Kennedy has worked for the legal department of a number of <keyword id="10875" type="CITY" weightage="20" keywordseo="IBM">IBM</keyword> business units, which included responsibilities in IBM’s PC, sales, services and networking groups. 
	 
	Kennedy will be working out of Palo Alto, California while with Infosys. 
	 
	The company made the disclosure to the US Securities and Exchange Commission and Bombay Stock Exchange in a letter dated November 4, 2014.

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