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Vishal Sikka Resigns As Infosys CEO Citing Personal Attacks, Shares Tank

NDTV logo NDTV 18-08-2017

© Bloomberg

Vishal Sikka has resigned as MD and CEO of Infosys and the board has accepted his resignation with immediate effect, the IT major said. Dr Sikka cited "personal" attacks as one of the reasons for his surprise resignation. "In his notice of resignation to the board, Dr Sikka reiterated his belief in the great potential of Infosys, but cited among his reasons for leaving a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing management's ability to accelerate the company's transformation," Infosys said in a statement.

"The board understands and acknowledges Dr Sikka's reasons for resignation, and regrets his decision. In particular, the board is profoundly distressed by the unfounded personal attacks on the members of our management team that were made in the anonymous letters and have surfaced in recent months," Infosys added.

"As the board has previously stated, a series of careful investigations found no merit to the unsubstantiated and anonymous allegations that had been asserted. The Board denounces the critics who have amplified and sought to further promote demonstrably false allegations which have harmed employee morale and contributed to the loss of the company's valued CEO," the board further said.

Dr Sikka will remain with Infosys as executive vice-chairman, the company said. Infosys has appointed chief operating officer UB Pravin Rao as interim managing director and CEO. Infosys shares plunged over 5 per cent after this surprise development. Dr Sikka will hold office until the new permanent chief executive officer and managing director takes charge, which should be no later than March 31, 2018, Infosys said.


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