"The investigation, which is ongoing, has reached the finding that Murthy's failure to report this relationship violated iGATE's policy, as well as Murthy's employment contract," company said in a statement. "The investigation has not uncovered any violation of iGATE's harassment policy."

The Board has appointed Gerhard Watzinger as President and CEO on an interim basis. Gerhard Watzinger, age 52, has previously worked at iGATE from 1998 to 2003 in a number of roles, including CEO of the iGATE Solutions business. Watzinger returns to iGATE from security software-maker now owned by Intel chip-maker McAfee, where he was EVP and Chief Strategy Offic

"The Board deliberated extensively on this matter," said Sunil Wadhwani , Co-Founder and Co-Chairman of the Board of iGATE. "We recognize the significant contributions Mr. 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 Mr. Murthy to step down."

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