As per an announcement made by iGATE Corporation, its Board of Directors has appointed Gerhard Watzinger as President & CEO on an interim basis after the termination of the previous President & CEO of the company, Phaneesh Murthy.
The Board's decision was made as a result of an investigation by the outside legal counsel, engaged by the Board, of the facts and circumstances surrounding a relationship Murthy had with a subordinate employee and a claim of sexual harassment.
Sunil Wadhwani, Co-Founder & Co-Chairman of the Board of iGATE, said, "The Board deliberated extensively on this matter. 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."
Gerhard Watzinger said, "iGATE has great resources and a deep bench of talent from which to draw upon to further create shareholder value. We have a clear strategy that has put us in this strong position to maintain our successes into the future. Continuing to execute this strategy is our top priority."
Watzinger has previously served as an executive at iGATE from 1998 to 2003 in a number of roles, including CEO of the iGATE Solutions business (formerly Mascot Systems). Prior to this appointment, he was working as an EVP & Chief Strategy Officer at INTEL / McAfee. He has also served as CEO of SafeBoot and APT International, Partner and Managing Director at Price Waterhouse and Managing Director at CapGemini.
Watzinger will serve as Interim President & CEO until the selection process is complete.
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