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Infosys CEO Vishal Sikka resigns: A timeline of events that led to the move

LiveMint logoLiveMint 18-08-2017 Reuters

New Delhi: Major events at Infosys Ltd since the appointment of Vishal Sikka as chief executive officer three years ago. Sikka resigned on Friday.

■ August 2014: Vishal Sikka, a former SAP AG executive board member, takes over from S.D. Shibulal as Infosys chief executive to revive the fortunes of the company which was losing market share.

■ December 2014: Some of Infosys’s founders - N.R. Narayana Murthy, Nandan Nilekani, S.D. Shibulal and K. Dinesh - sell shares worth $1.1 billion in the company, cashing in on a more than 20 percent gain in the stock since Sikka’s appointment.

■ February 2016: Board decides to extend Sikka’s tenure by two years to 2021.

■ February 2017: Infosys says had already addressed concerns about executive pay after media reported that its founders had complained about decisions including a pay hike for Sikka.

■ February 2017: Company reassures investors and analysts it was not being distracted by a dispute with founders.

■ April 2017: Founder Murthy criticizes salary hike given to Chief Operating Officer Pravin Rao.

■ April 2017: Company announces $2 billion cash return to shareholders and appoints independent director Ravi Venkatesan as co-chairman of board, moves seen aimed at placating some founders and former executives who were critical about the management.

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

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