CEO Vishal Sikka, Infosys Ltd resigns with immediate effect
CEO Vishal Sikka, Infosys Ltd resigns with immediate effect. The CEO of India's top IT Services Company Infosys Ltd, Vishal Sikka resigned today from the position of a managing director and chief executive of the company immediately.
His resignation led to shares tumbling more than 7 per cent in early trading on Friday.
The resignation comes after a protracted war of words between the company and its founders and some former executives, who were unhappy with various decisions taken by the board lately.
The founders, who still own 12.75 per cent of the firm, had questioned a pay rise granted to Sikka and the size of severance payouts given to others, inclusive of its former finance head Rajiv Bansal.
Infosys said UB Pravin Rao, its chief operating officer, had been named as interim managing director and chief executive.
Sikka was named executive vice-chairman. Infosys shares fell 7.1 per cent to a more than one-month low of 948.25 rupees.
-PTC News
