IT major Infosys on Thursday announced former SAP executive Vishal Sikka as its new chief executive officer (CEO). This is the first time the company has an outsider and not one of its founders for the role.

Sikka will take over from S D Shibulal from August 1. Shibulal founded the company with Infosys executive chairman N R Narayan Murthy and others.

The company in a statement to the stock exchanges also announced that executive chairman N.R. Narayana Murthy and executive vice chairman S. Gopalakrishnan would step down on June 14.

The company has seen exodus of its senior management over the past few months and was under pressure to appoint CEO to instill confidence of the investors.