Sikka quits as Infy CEO, stock tanks
STORMY EXIT Cites disruptions and distractions, indirectly pointing at Narayana Murthy; Pravin Rao to be interim CEO
campaign against the board and the company has had the unfortunate effect to undermine the company’s efforts to transform itself. The board has been engaged in a dialogue with the founder to resolve his concerns over the course of a year, trying earnestly to find feasible solutions within the boundaries of law and without compromising its independence. These dialogues have unfortunately not been successful.”
Infosys shares plunged 9.6%, wiping out over ₹22,400 crore in the firm’s market capitalisation.
Infosys said the board had accepted Sikka’s resignation at a meeting held on Friday.
“In his notice of resignation to the Board, Sikka reiterated his belief in the great potential of Infosys, but cited among his reasons for leaving a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing management’s ability to accelerate the company’s transformation,” said Infosys.
Sikka’s abrupt resignation casts a cloud over Infosys at a time when it has been trying to transform itself into a digital solutions provider.
CONTINUED ON P 5