Indian IT company Infosys CEO Vishal Sikka resigns

Indian IT company Infosys CEO Vishal Sikka resigns

I have wrestled the pros and cons, the issues and the counterbalancing arguments. Sikka has repeatedly come under fire either for the company's decisions regarding hefty severance payouts, his own salary hike or the allegations that whistleblowers levelled against the company with respect to alleged wrongdoings in certain mergers and acquisitions.

Vishal Sikka, MD & CEO of Infosys, resigned on Friday saying that it had become hard for him to defend against unrelenting, baseless, malicious and increasingly personal attacks.

While an independent probe absolved the board of any wrong doing, Murthy kept the pressure on making the full contents of the investigation report public.

Sikka was chosen by Infosys co-founder Narayana Murthy three years back when the company was facing severe slowdown along with challenges in the industry. "After much contemplation, I have chose to leave because the distractions, the very public noise around us, have created an untenable atmosphere".

Vishal Sikka has resigned as chief executive of Infosys, the Indian software giant announced today, amid tensions between the company's board and its founders. The board has already elevated Chief Operating Officer U.B. Pravin Rao as the interim CEO and MD of Infosys. However he will continue to serve the company till March 31st 2018 so that the company goes on a smooth pace and Infosys will have enough time for a new management to take their oath.

Sikka has been appointed as the Executive Chairman of the company, until a new MD and CEO takes charge.

In India too, the news of Sikka's resignation caused the stock of Infosys to plunge by about 10% on Friday wiping off almost Rs 22,000 crore from the company's market cap. Prior to this plummeting, the company had been on a steady climb of 21 percent throughout the course of Sikka's 3-year tenure; which had outperformed the 4 percent decline of rival CS.

Infosys co-chairman Ravi Venkatesan said the management is highly distressed by the continuing allegations against Sikka and Board members. Sikka cited "continuous stream of distractions and disruptions" among reasons for quitting- a development that augured crisis in the prestigious organisation, headquartered in Bengaluru.

Shares of INFOSYS LTD. was last trading in BSE at Rs.923.1 as compared to the previous close of Rs. 1021.15.

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