Vishal Sikka, the MD and CEO of Infosys, India’s second largest IT services firm, has resigned as Managing Director and CEO of the company.
“…The board of directors of Infosys Limited has at its meeting accepted the resignation of Dr Vishal Sikka as the Managing Director and Chief Executive Officer of the company with immediate effect,” the Infosys said in a statement.
Sikka will continue to work with Infosys and has been made the company’s Executive Vice-Chairman, after he resigned as CEO and MD.
Infosys Chief Operating Officer UB Pravin Rao has been named as the Interim -MD and CEO.
“The succession plan for an appointment of a new Managing Director and Chief Executive Officer has been operationalised by the board and a search for the same has been commenced,” Infosys said in a statement.
Sikka wrote a letter to his employees and said that the decision was taken after he wrestled the pros and cons, the issues and the counterbalancing arguments.
“After a lot of reflection, I have resigned from my position as your MD & CEO effective today. A succession process has been initiated, with Pravin serving as interim MD & CEO, and I will work closely with the Board and management team over the next few months to ensure a smooth transition. In addition, I have agreed to serve as Executive Vice Chairman of the Board to further ensure continuity until the new management is in place,” Sikka said in his blog.
Infosys stocks slipped by over 7 per cent in early trade after Sikka’s resignation. It fall in the IT major brought down the Sensex by nearly 200 points in early trade.