Infosys CEO steps down

Dhaka,  Tue,  26 September 2017
Published : 18 Aug 2017, 12:09:43 | Updated : 18 Aug 2017, 12:16:51
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Infosys CEO Vishal Sikka resigns; company names interim chief executive

Reuters
India's No. 2 IT Services company Infosys Ltd said Vishal Sikka had resigned as managing director and chief executive of the company with immediate effect, sending shares tumbling more than 7 per cent in early trading on Friday.

The move 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.

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, including 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 at 0945 IST (0415 GMT).
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