IIT graduate gets job with Rs 45 crore salary package, fired after few years, buys Narayana Murthy’s…

IIT graduate Phaneesh Murthy made it to the news all over the globe after he was appointed as the CEO and president of iGATE Global Solutions Limited. He made it to the top position of the company after 5 years of joining. Phaneesh Murthy’s annual salary package was around Rs 45 crore in 2012 but unfortunately he was fired from his job. Currently serving as a board member in several companies, Phaneesh Murthy’s overall compensation in 2012 was around Rs 45 crore before he was fired in 2013. Born in a middle class family in Bangalore, Phaneesh Murthy received B.Tech Degree in Mechanical Engineering from IIT Madras. After his graduation, he went on to receive PGDMgt from IIM, Ahmedabad. He began his career by working for Sonata Software after graduating in 1987. After working there for half a decade, he moved to Narayana Murthy’s Infosys. Over the years, he held various positions in the organisation before he departed after two women filed lawsuit against him. 

After leaving Infosys, Phaneesh Murthy went on to found Primentor and Quintant Services Limited. Soon Quintant was acquired by iGATE Global Solutions Limited and he joined the parent firm in August 2003. He is credited for restructuring iGATE and helping the company to acquire Patni Computer Systems for 1.22 billion dollars. 

For those who are unaware, Patni Computer Systems is the former employer of Narayana Murthy and it was double the size of iGATE when it was acquired. The deal made iGATE one of the largest IT companies in India. Phaneesh Murthy was fired from iGATE after another lawsuit was labelled against him by a subordinate employee.