Vishal Sikka resigns as Infosys CEO

19 August, 2017, 08:05 | Author: Valerie Burke
  • Infosys chief Vishal Sikka steps down as MD and CEO

"Murthy's campaign against the board has had the unfortunate effect to undermine the company's efforts to transform itself", Infosys said, adding that dialogue attempting to resolve differences with Murthy were unsuccessful.

Mr Rao will report to Mr Sikka, who will take on the executive vice-chairman role until a permanent CEO takes charge, which should be no later than end-March next year, Infosys said.

After becoming the Chief Executive Officer of Infosys, the country's second largest IT company, Vishal Sikka was also in news about its huge salaries.

In his resignation letter, Sikka referred to "false, baseless, malicious and increasingly personal attacks" from the founders that had undermined the company.

He will stay on as executive vice chairman while Infosys veteran UB Pravin Rao, now chief operating officer, will take over as interim chief executive.

Stocks of Infosys on Friday tanked over 13 percent in afternoon trade after Vishal Sikka resigned as MD and CEO of the firm.

Murthy, who has been in a long-running battle with the board and top management of the company he founded with six others over three decades, said his concern primarily was the "deteriorating standard" of corporate governance at Infosys.

"I am anguished by the allegations, tone and tenor of statements made by Infosys board".

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Rallying behind Sikka, the company's powerful board blamed Murthy's continuous assault, including his latest letter to the media as the primary reason for Sikka's resignation.

Aug 2017: Sikka resigns as CEO, citing a stream of distractions and disruptions.

Mumbai: The Infosys board on Friday came out in full support of the outgoing leader Vishal Sikka and said that he is not only a "phenomenal technical guy", he has also "blossomed into a high-performing CEO".

The comments came in response to Murthy's earlier statement where he had said that he regretted quitting as chairman of Infosys in 2014 and added that he should have listened to other co-founders and stayed on.

The Infosys board has been engaged in a war of words with the company's founders for some time.

"This is a blue whale game played by Narayana Murthy for Sikka".

"After much reflection, I have concluded that it is indeed time for me to leave my current positions as MD and CEO, and I have communicated my resignation to Sesh".

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