Vishal Sikka quits as Infosys MD and CEO with immediate effect

UB Pravin Rao has been appointed Interim Chief Executive Officer and Managing Director reporting to Sikka under the overall supervision and control of the company's board

e4m by exchange4media Staff
Updated: Aug 19, 2017 9:57 AM


Infosys today said that its board of directors has accepted the resignation of Vishal Sikka as the Managing Director and CEO with immediate effect. Sikka will now be the Executive Vice-Chairman of the company. 



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.


UB Pravin Rao has been appointed Interim Chief Executive Officer and Managing Director reporting to Sikka under the overall supervision and control of the company’s board. 


In a filing to BSE, the company said, “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.” 


The company further told exchanges that a succession plan for 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. 


The company also  told BSE that its board was distressed by the unfounded personal attacks on the members of its management team that were made in the anonymous letters and have surfaced in recent months. 


“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,” read the BSE filing. 

 

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