Mr. Vishal Sikka has resigned from Infosys as Managing Director and Chief Executive Officer with immediate effect. He made it public soon after by posting about this on his twitter handle, adding link to his blogpost showing his complete resignation letter.
The resignation comes soon after an email was written by Infosys co-founder N.R. Narayana Murthy to advisers that at least three independent directors have been complaining him about CEO Vishal Sikka that he is more of a CTO material than the CEO. He also went on to criticize the Board for failing to uphold company’s famed governance standards and not creating “checks and balances required in any well-run company”. (ref. livemint.com)
The Board of Directors of Infosys have accepted his resignation and Sikka would continue as Executive Vice-chairman. U B Pravin Rao has taken over as Interim Managing Director and Chief Executive Officer. The resignation of Vishal Sikka resulted in immediate plunging of Infosys shares by about 7%.
Vishal Sikka cited personal attacks as one of the primary reasons of his resignation. He wrote that ” I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks.” His resignation mentioned about the achievements of Infosys under his guidance and leadership; giving numbers of revenues and profits as also citing examples of appreciation from clients and associates.
Showing his passion towards Infosys, he stated “I was, and remain, passionate about the massive transformation opportunity for this company and industry, but we all need to allow the company to move beyond the noise and distractions.”
Vishal Sikka will hold the office of Ex.VP till a new permanent CEO/MD takes charge, the deadline for which is set as March 31, 2018.