New Delhi, August 18: Vishal Sikka has resigned as the Managing Director and Chief Executive Officer of India’s second largest IT services firm Infosys. He has been appointed as the Executive Vice-Chairman with immediate effect, Infosys said.
Infosys COO UB Pravin Rao has been named as the interim -MD and CEO of the firm.
In the blog named ‘Moving On’, Sikka said, “It is clear to me that despite our successes over the last three years, and the powerful seeds of innovation that we have sown, 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.”
Also read: Full Text of Vishal Sikka’s Resignation Letter to Infosys
Sikka threw light on his three-year tenure at Infosys and said, “I am happy to see the company doing better in every dimension I can think of.”
Refraining to engage himself in the battle of opinions in public, Sikka said, “But after much contemplation I have decided to leave because the distractions, the very public noise around us, have created an untenable atmosphere. I deeply believe in creating value in an atmosphere of freedom, trust and empowerment.”
In order to ensure smooth transition, Sikka will be working closely with the Board and management team over the next few months. He will serve as Executive Vice Chairman on the Board until the new management is in place. “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,” Sikka said.
Sikka, 50, a former German IT major SAP executive who was appointed CEO and MD of $10 billion revenue company three years back, will become executive vice-chairman until a new MD and CEO is hired.
While the permanent replacement is to be hired no later than March 31, 2018, Sikka will focus on strategic matters and draw an annual salary of $1 million.
Once a poster boy of Indian IT success story, Infosys has been battered by intense acrimony, with founders accusing the board of poor corporate governance on issues like executive pay and acquisitions.
With inputs from PTI