NR Narayana Murthy's speech at the 32nd annual general meeting of Infosys on Saturday, if anything, is a downright indictment of the software maker's leadership.
The co-founder of the software company said it would take three years of “rebuilding” to make Infy “desirable” again.
Yes, three years.
There'll be some tough decisions resulting in “pain”, he said.
“His statements can be construed as a sweeping indictment of his predecessors. He thinks they didn't take tough decisions, and that they lost the plot so badly that he will have to rebuild the company,” said a foreign brokerage analyst.
Another analyst with a domestic brokerage called the statements stunning. “Infy's turnaround shouldn’t have taken more than a year. Murthy is known to be conservative, but he may also be privy to deeper problems inside the company.”
Murthy said Infosys will adopt a “flexible pricing policy to enhance growth rate”. It’s an admission that the cussedness of sticking to the priceline, thereby losing contracts, has proved to be a wrong strategy.
