Interview - iGate Patni CEO Phaneesh Murthy: We retained good performers well
Friday, 13th May 2011
Interview - iGate Patni CEO Phaneesh Murthy: We retained those who were performing well
Of the top executives of Patni, only four were retained while 12 others were allowed to go. What were the selection parameters?
I think those who were performing well and those who were doing something which contributed to the future of the parent company and the new one, were retained. We considered their capabilities, strength and commitment. We retained those who we think are aligned to our vision and can contribute to it.
What will be the total severance cost to the company?
There will be big severance packages. For instance, in case of Jeya Kumar, the former Patni CEO, we will give a year's salary and stock options. To give an exact amount is difficult as each person in Patni has a different contract, and we will honour all of them. It includes cash and non-cash components. The non-cash component is actually a bigger chunk, but that does not impact the company. The cash part of the severance packages will be a few million dollars.
Publication : Business Standard
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