Published: Sun, August 20, 2017
World Media | By Shelia Harmon

Continuous stream of distractions led to Vishal Sikka exit from Infosys

Continuous stream of distractions led to Vishal Sikka exit from Infosys

As per sources, the company's board came out in support of Sikka and said in a statement that founder and former-chairman Narayana Murthy's continuous assault was the main reason for Sikka's resignation.

Infosys, meanwhile, has named Chief Operating Officer Pravin Rao as interim CEO while it looks for a permanent replacement for Sikka. Three years later, I feel proud of our progress and achievements, from profitable revenue growth to rapid purposeful adoption of software, new services and grassroots innovation, to the extraordinary recognition from our clients worldwide.

Infosys Ltd ADR says that Murphy's letters against the company are the reason for Sikka stepping down as CEO.

Infosys on Saturday announced a Rs 13,000 crore share buyback.

Hours prior to Mr Sikka's resignation, a private email from founding chairman Narayana Murthy was made public, the email detailed leadership doubts held by a number of board members.

Sikka, who joined the tech major in August 2014, resigned on Friday citing continuous disruptions and personal and negative remarks against him.

Vishal Sikka, MD & CEO of Infosys, resigned on Friday saying that it had become hard for him to defend against unrelenting, baseless, malicious and increasingly personal attacks. The Infosys patriarch has time and again questioned the way Sikka had been running the company including questioning his remuneration which he thought was not justified. "My concern primarily was the deteriorating standard of corporate governance which I have repeatedly brought to the notice of the Infosys board", Murthy said in an e-mailed statement.

Sikka will now be the executive vice-chairman of the company.

As per the statement released by the company, Sikka's resignation comes amid criticism by Infosys' founders of decisions by Infosys' board, including executive compensation and severance payouts.

Also, an anonymous letter was sent to the Securities and Exchange Board of India and the US Securities and Exchange Commission earlier this year, alleging that the Israel-based Panaya acquisition was overvalued and that some Infosys executives may have benefited from the deal.

"Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Infosys Limited ("Infosys" or the "Company") (NYSE: INFY)".

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