Published: Sun, August 20, 2017
Money | By Charlene Sutton

Indian IT company Infosys CEO Vishal Sikka resigns

Indian IT company Infosys CEO Vishal Sikka resigns

The company reported that investigations into anonymous allegations have found no merit. The question though remains as to why the board did not act in time to prevent such damage and stood by Sikka to prevent his exit.

"Mr. Vishal Sikka has resigned as the Chief Executive Officer & Managing Director of Infosys with immediate effect. We don't want another drastic change in culture or functioning", Seshasayee said.

"I am extremely anguished by the allegations, tone and tenor of the statements", Murthy said in a letter reprinted by the Hindustan Times and other publications.

The company's other co-founders, including N.R Narayana Murthy, Nandan Nilekani and S. Gopalakrishnan held the executive post for over three decades successively.

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Murthy referred to the worldwide auditors' report which in June said it found no wrongdoing by the company or its Board directors in the acquisition of the US-based software firm Panaya for $200 million in February 2015.

"We came to a conclusion that I will stay on as executive vice chairman, help in transition and UB Pravin Rao will be the interim CEO", added Sikka.

Infosys veteran UB Pravin Rao, now chief operating officer, will take over as interim chief executive.

However, the unvested and outstanding equities which were given to him by the company will be carried forward in his new position and will continue to vest. He will report to the company's board. 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.

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If you are not aware of this "noise" Sikka refers to a yearlong turmoil with a billionaire who had accused the company he cofounded of several governance failures.

Lauding Sikka, Board Chairman R. Seshasayee said the ace technocrat would be remembered for infusing a refreshed sense of direction, goal and energy in the organisation. For example, last month, Murthy demanded the results of a probe into the Panaya acquisition be made public even though the investigations hadn't found anything out of place. "I feel proud of our progress and achievements", he said in his resignation speech.

While he managed to keep himself calm and composed even after Murthy's criticism, it seems that it was the final straw when a letter by Murthy was leaked recently in which he mentioned that Sikka was only CTO material, not CEO material.

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