Vishal Sikka On Why He Resigned As Infosys CEO

Vishal Sikka On Why He Resigned As Infosys CEO

Vishal Sikka cited 'personal attacks' for his decision to resign.

NEW DELHI: Vishal Sikka has quit as MD and CEO of Infosys amid growing acrimony between the company's board and its founders. The IT major said the company's board has accepted Dr Sikka's resignation with immediate effect. Vishal Sikka, who was the first non-founder CEO of Infosys, will now be executive vice-chairman, while Chief Operating Officer UB Pravin Rao has been appointed interim-managing director and chief executive of India's no. 2 software services exporter. Vishal Sikka cited "personal attacks" as one of the reasons for quitting, while the board said he had resigned because of co-founder NR Narayana Murthy's continuous assault. Infosys shares fell sharply after Vishal Sikka's resignation. Pravin Rao is now addressing a press conference, and Dr Sikka has joined in on video conference.

Here are the updates as Vishal Sikka resigns from Infosys:

Aug 18, 2017 15:09 (IST)
Infosys' management assured investors that decision of buyback of shares will not affected by Vishal Sikka's resignation as CEO.
Aug 18, 2017 15:02 (IST)
Aug 18, 2017 14:54 (IST)
Singled out by the board of Infosys, founder Narayana Murthy said that he was "anguished by allegations, tone and tenor of statements made by Infosys board." In reply to comments made by the company, Murthy said "Below my dignity to respond to baseless insinuations,"
Aug 18, 2017 14:48 (IST)
"Have no interest to be Infosys CEO, not in contention for the position," says Infosys co-chairman Ravi Venkatesan.
Aug 18, 2017 14:47 (IST)
Vishal Sikka and Chairman R Seshasayee at the Infosys press conference. Assuring investors Dr. Sikka said "We're hiring thousands of people here in the US over the next few years."

Aug 18, 2017 14:38 (IST)
Infosys board said that it was committed to ensure that the management transition is smooth and customers will not get disrupted. Commending Dr. Sikka, the company's management said "There's no question that Vishal Sikka is a phenomenal technical guy."
Aug 18, 2017 14:30 (IST)
"I have not thought about what I'm going to do next," says Vishal Sikka
Aug 18, 2017 14:29 (IST)
"I just felt that it is an untenable situation," Vishal Sikka says.
Aug 18, 2017 14:21 (IST)
On revenue per employee we have improved six quarters in a row: Vishal Sikka
Aug 18, 2017 14:19 (IST)
Vishal Sikka to stay on for 90 days: Infosys Board
Aug 18, 2017 13:58 (IST)
Infosys shares sank 13 per cent lower, wiping out over Rs. 30,000 crore from the market value of the IT major.
Aug 18, 2017 13:40 (IST)
Pravin Rao, who will step in as interim CEO, joined Infosys in 1986 and was elevated to COO's position in 2014. Click here to know about Pravin Rao, the new man in charge of Infosys.
Aug 18, 2017 13:08 (IST)

Infosys shares down 9.8 per cent to Rs 920.2 on the National Stock Exchange.

Aug 18, 2017 12:47 (IST)
Infosys said that the board "currently has no intention of asking Mr. Murthy to play a formal role in the governance of the organization."
Aug 18, 2017 12:42 (IST)
Infosys said allegations of wrong doing in the Panaya acquisition have been thoroughly investigated by multiple experts and legal advisors who concluded that no wrongdoing occurred. Therefore, the Board said it has formally closed the investigation of the anonymous allegations.
Aug 18, 2017 12:27 (IST)
Infosys board members have been engaged in a dialogue with Narayana Murthy to resolve his concerns over the course of a year, the company said.
Aug 18, 2017 12:21 (IST)
Infosys shares extends losses, down 9.05 per cent at Rs 928.45. Company blames founder Narayana Murthy for CEO exit.
Aug 18, 2017 12:16 (IST)
The Infosys Board said it is committed not to be distracted by the "misguided campaign" by Narayana Murthy and declined to speculate about Mr. Murthy's motives
Aug 18, 2017 12:07 (IST)
N R Narayana Murthy's continuous assault, including the latest letter, is the primary reason why Vishal Sikka resigned, says Infosys: Press Trust of India. 
Aug 18, 2017 12:02 (IST)

In a blog post titled "Moving On" Vishal Sikka  said that the "personal attacks" on him was one of the reasons for his sudden decision to resign, adding that they were "amplified by people who should have supported him." Click here to see the full text of Vishal Sikka's blog post.

Aug 18, 2017 11:58 (IST)

Highly distressed at continuing allegations against Vishal Sikka and board members, says Infosys Co-chairman Ravi Venkatesan: Press Trust of India.

Aug 18, 2017 11:53 (IST)
Sikka was the first Infosys CEO who is not one of the founders of the company and is also based in the U.S., where the company gets nearly two-thirds of its revenue. 
Aug 18, 2017 11:43 (IST)
Vishal Sikka will stay on as executive vice chairman until a permanent replacement is hired, Bangalore-based Infosys said in a statement. Dr. Sikka will focus on strategic matters and receive an annual salary of $1. 

Aug 18, 2017 11:29 (IST)
In recent times Infosys has faced allegations of poor corporate governance by company founder Narayana Murthy and fellow founders, including criticism of acquisitions and executive pay. 
Aug 18, 2017 11:27 (IST)
"This continuous drumbeat of distractions and negativity over the last several months/quarters, inhibits our ability to make positive change and stay focused on value creation. Addressing the noise by itself is damaging; hundreds of hours of my own time has gone into this recently," Vishal Sikka wrote in his resignation letter.
Aug 18, 2017 11:25 (IST)
Vishal Sikka cited a "continous stream of distractions" and personal attacks among his reasons for leaving in his resignation letter to Infosys board members.
Aug 18, 2017 11:21 (IST)
Shares of Infosys are down 7.11 per cent at Rs 948.6. They fell as much as 7.6 percent during morning trade after the company informed about Vishal Sikka's resignation.
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