Vishal Sikka resigns as Infosys CEO

Murthy claimed in the email to some of his advisers that three independent directors on the Infosys board had told him that Vishal Sikka was more chief technology officer (CTO) material than chief executive officer (CEO) material.

Infosys had said in April it meant to return $2 billion to shareholders before March 2018 while also announcing the appointment of an independent director as co-chairman, both moves largely seen as attempts to calm the founders.

The tech company's shares plunged as much as 13% in Mumbai following the announcement. These letters have criticized the company and specifically called out its Board of Executives for alleged failing corporate governance.

Vishal Sikka is said to have taken the charge three years ago and the revenue of Infosys has been growing every year.

Infosys CEO Vishal Sikka announced on Thursday that he has resigned from his position effectively immediately, saying that he could no longer continue to defend against "unrelenting, baseless and increasingly personal attacks".

"I am anguished by the allegations, tone and tenor of statements made by Infosys board".


However the relationship soured in recent months with the founders, who retain a 12.75% share in the company, voicing a growing number of complaints about various governance issues, including a pay rise granted to Sikka and several severance packages to other executives.

"The Board is profoundly distressed by the unfounded personal attacks on the members of our management team that were made in the anonymous letters", Infosys said in a statement.

Sikka will not be completely out of the picture following his resignation as Infosys CEO, as he will assume the role of executive vice-chairman. The value of shares held by founder chairman N R Narayana Murthy, who is being blamed by Sikka for his exit, went down by Rs 855 crore.

He was scouted from German software company SAP SE to upgrade Infosys-a trailblazer of the outsourcing model and one of India's largest and most profitable companies.

Sikka, 50, a former German IT major SAP executive who was appointed CEO and MD of United States dollars 10 billion revenue company three years back, will become executive vice-chairman until a new MD and CEO is hired.

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