The shareholders of iGate have approved the ouster of Phaneesh Murthy from the board, according to a filing before the U.S. Securities and Exchange Commission.
The filing, made on Friday, said the ‘removal’ of the former CEO of the company, who was caught in a swirl of a sexual harassment charge by a subordinate, was with immediate effect.
The company’s board removed him on May 20 for ‘violating’ the company policy by failing to report a ‘relationship’ he had with a fellow employee.
Significantly, the filing stated that the action taken was “not due to a disagreement with the company on any matter relating to the company’s operations or practices.”
Instead, the shareholders felt that the company’s ‘best interests’ would be served by Mr. Murthy’s removal from the board. It cited ‘cause’ as arising from his conduct that was “detrimental to the company.”
The filing stated that his ‘violation’ of company policy and “breach[ing] his duty of good faith” with the board were among the reasons for his exit.
