Infosys was the bellwether not just of IT industry but the whole stock market.
First one with results, It would set the pace every quarter, always ahead of estimates, sharing extensively they had analysts virtually eating out of their hands.
After 47 continuous quarters of beating estimates Infosys became overconfident that system, processes are everything and leadership is inconsequential.
Celebrities Nandan & Murthy faded and last of the founders, Kris and Shibu, highly respected excellent technologists but average leaders and communicators took over.
Soft spoken Kris piloted the company reasonably through the 2008 crises.
Shibu launched a grand plan called Infosys 3.0, based on high margin but discretionary areas - Products, Patents & Consulting even at the cost of traditional business. A questionable approach in a tough economic environment.
The company lost market share, stopped increments, under went major & confusing role switches in senior leadership, even stopped giving its famed forecasts, eroding transparency, honesty and trust it always stood for.
What happened to the famed Infosys and its management depth ?
It was a painful lesson in importance of Pivotal Leadership.
It started showing everywhere in dwindling analyst confidence, scathing media write ups, share holder dissent, low employee morale and eventually in financial results.
Competition happily lapped up the opportunities left by high margin fixated Infosys. TCS reached $ 10 Billion annual sale mark first and Cogizant dethroned Infosys from its No 2 slot.
People openly started asking for Shibu's head while the decent ones enquired about his successor with 2 years still to go.
Then the unthinkable happened.
One fine morning Murthy returned back to Infosys and the out of the box thinker he is, brought his son Rohan a top technology scholar with a strategic think tank in tow. He just couldnt see his middle child ' Infosys ' in distress.
In an extremely brave move he put his reputation and stated policies on the firing line after 8 odd years of retirement from executive roles, so a laudable one.
He quickly got down to work increasing salaries, rewarding performers, removing non performers including at the top rung, streamlining decision-making and sharpening sales operations. The days of easy going routine were over.
He returned focus to growth, talked growth as also reverted to the old policy of sharing the bad news first.
Taking war back to competition, Infosys 3.0 is practically dumped and bread and butter is back.
Surprise, surprise even Shibulal has started talking about "Broad based growth" and "increased momentum" instead of the oft harped words like Cautious, Concern, Uncertainty etc
So what is different - Leadership, a suave, articulate, positive, quick thinking and decision oriented Leader who would rather decide than dither.
And it shows - In the current quarter, Infosys for the first time topped $2 billion in quarterly sales, It upped the guidance from 6% to 9% annual growth, record quarterly client addition, won 5 large deals etc.
