Why iGate's CEO Chair Is Still Empty?


Bangalore: iGate is yet to appoint a new CEO even two months after firing Phaneesh Murthy from his duties in May. Murthy was fired following an investigation into a relationship that he had with a subordinate employee and a claim of sexual harassment.

Meanwhile, according to the Times Of India, the execs are faltering to take the prime job at iGate, possibly deterred by bevy of troubles the company has placed itself into. iGate incurred huge debt on buying Patni Computers, a firm three times its size, in 2011. The acquisition had left the company with about $700 million (about Rs 4,200 crore now) of debt, however the Fremont, California based company manages to earns a little over a $1 billion (about Rs 5,950 crore) in revenues annually.

According to an internal source, who chose anonymity, it is probably a more complicated company to take charge of right now, "you have a new problem about what the culture will be after Phaneesh. Is it going to be iGate's or Patni's culture?" he said.

Though the company’s spokesperson declined to comment on the questions regarding the CEO search, the word is out about iGate hiring executive search firm Russell Reynolds Associates for the task.

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