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Infosys Live: Vishal Sikka’s Exit as CEO Make Big Dent on M-Cap

Vishal Sikka has resigned as the MD and CEO of Infosys, citing “continuous distractions and disruptions” and “increasingly personal attacks”. His shock exit eroded 7% of the software giant’s market cap in under an hour of trading. The company has appointed UB Pravin Rao as the interim CEO.

Stay tuned for live updates:

Aug 18, 2017 11:15 am (IST)

CLICK TO READ | Need to Return to Environment of Respect: Vishal Sikka Writes to Infy Staff
New Delhi: Vishal Sikka on Friday stepped down as the Managing Director and Chief Executive Officer (CEO) of tech giant Infosys saying that he “cannot continue amid malicious, personal attacks”.

Aug 18, 2017 11:14 am (IST)

Vishal Sikka has also sent out a separate email to Infosys employees. In his letter he said, “For days, indeed weeks, this decision has weighed on me. I have wrestled the pros and cons, the issues and the counterbalancing arguments. But now, after much thought, and considering the environment of the last few quarters, I am clear in my decision. 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”.

Aug 18, 2017 11:04 am (IST)

CLICK TO READ | Vishal Sikka’s Exit Wipes out Rs 16,000 Crore from Infosys M-Cap in an Hour
After Vishal Sikka’s shock exit from Infosys, the software giant’s shares fell over 7%, or by Rs 71 before rebounding somewhat in early trading on Friday.

Aug 18, 2017 10:59 am (IST)

NR Narayana Murthy’s email to advisors

“All that I hear from at least three independent directors, including Mr Ravi Venkatesan, are complaints about Dr Sikka. They have told me umpteen times that Dr Sikka is not a CEO material but CTO material. This is the view of at least three members of the board, and not my view since I have not seen him operate from the vantage point of an Infosys board member,” Murthy said in the email which was reportedly dated August 9.

“I have nothing against Dr Vishal Sikka. I enjoy spending time with him. I have never commented about his strategy or its execution… My problem is with governance at Infosys. I believe that the fault lies with the current board. If the board had not embraced inaction and had ensured proper governance then they could have created checks and balances required in any well-run company. That, alas, does not exist today,” Murthy reportedly said in the email. 

Aug 18, 2017 10:56 am (IST)

Vishal Sikka’s resignation comes amid reports that Infosys founder NR Narayana Murthy, in an email to advisors, quoted three independent directors of the company as saying that Sikka was not “CEO material”, but more suited to be the chief technology officer.
 

Aug 18, 2017 10:51 am (IST)

In a statement, the software giant expressed “regret” over Vishal Sikka’s decision, but said it accepted his resignation.  The Board said it “denounces the critics who have amplified and sought to further promote demonstrably false allegations which have harmed employee morale and contributed to the loss of the Company’s valued CEO.” 

Aug 18, 2017 10:44 am (IST)

CLICK TO READ | Vishal Sikka Quits as Infosys Boss: Full Text of Resignation Letter
New Delhi: Vishal Sikka on Friday stepped down as the Managing Director and Chief Executive Officer (CEO) of tech giant Infosys.

Aug 18, 2017 10:39 am (IST)

Infosys tanks over 6% on Vishal Sikka’s resignation

The company’s stocks tanked over 6% in early morning trade after Vishal Sikka’s resignation. Following the announcement, the stock fell to Rs 958.00, registering a fall of 6.62% over its previous closing price on the BSE. Similar movement was seen on the NSE as well where the stock opened at Rs 1,017.90, fell to Rs 952.30, down 6.71 per cent over its previous close.

Aug 18, 2017 10:38 am (IST)

Vishal Sikka’s shock exit from Infosys has wiped out Rs 16,000 crore from the IT major’s market capitalisation in one hour, in an indication that the markets are frantically down rating the stock. Infosys shares fell over 7%, or by Rs 71 before rebounding somewhat at 10.20 am on Friday on the Bombay Stock Exchange.

Aug 18, 2017 10:34 am (IST)

Sikka’s Letter to Infosys Employees

In a letter to Infosys employees, Sikka referred to “increasingly personal attacks against him”. “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,” Sikka said in the letter which he later shared on his blog.  “I now need to move forward, and return to an environment of respect, trust and empowerment, where I can take on new lofty challenges, as can each of you,” he added.

Aug 18, 2017 10:33 am (IST)

Aug 18, 2017 10:32 am (IST)

Vishal Sikka Resigns at Infosys MD and CEO

Vishal Sikka resigned as the MD and CEO of India’s second largest IT services firm Infosys. Chief Operating Officer UB Pravin Rao has been given the interim charge, while Sikka has been made the Executive Vice-Chairman. “…The board of directors of Infosys Limited has at its meeting today accepted the resignation of Dr Vishal Sikka as the Managing Director and Chief Executive Officer of the company with immediate effect,” the IT firm said in a BSE filing.

Source: News18