Vishal Sikka today resigned from the post of Infosys Managing Director and Chief Executive Officer. Sikka’s resignation has sent shock wave to Infosys’ stock market.
UB Pravin Rao has been appointed as the interim MD & CEO of Infosys. Sikka resigned barely three years after he was appointed as the CEO. Sikka, however, has been appointed as Executive Vice Chairman of the IT consulting major. It has been learnt that Infosys has accepted the resignation of Sikka with immediate effect and he has been appointed as Executive Vice-Chairman, the company said in a statement.
U B Pravin Rao as Chief Operating Officer has overall strategic and operational responsibility for the entire portfolio of the company’s offerings, Infosys said. He oversees the key functions of global sales, global delivery and business enabling functions. He drives and oversees the continuous renewal of key processes, systems and policies across the company in client relationship management, sales effectiveness, delivery excellence, quality, talent management and leadership development.
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Breaking News: Massive Shake – Up at #Infosys
INFOSYS: ACCEPTED RESIGNATION OF VISHAL SIKKA AS MD, CEO pic.twitter.com/JbeHEZkwas
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Pravin is also Chairperson of Infosys BPO. He has over 30 years of experience. Since joining Infosys in 1986, he has held a number of senior leadership roles including Head of Infrastructure Management Services, Delivery Head for Europe, and Head of Retail, Consumer Packaged Goods, Logistics and Life Sciences. Pravin holds a degree in electrical engineering from Bangalore University, India. He is a member of the National Council of Confederation of Indian Industry (CII) and the Executive Council of Nasscom.
Earlier, the ongoing tussle between NR Narayana Murthy, founder of Infosys, and the board turned murkier as the veteran has reportedly asked the findings of the law firm Cyril Amarchand Mangaldas relating to corporate governance lapses to be made public. Previously, the founders had raised issues pertaining to the quantum of salary hike given to Sikka and the size of the severance packages given to former CFO Rajiv Bansal and former General Counsel David Kennedy.
Troubles at Infosys Ltd, once India’s bellwether information technology services company, seem to continue with senior executives making a beeline towards the exit door. Way back in July 2017, the latest one to leave is Anirban Dey, the global head and chief business officer of Edge products at Infosys’ wholly-owned unit EdgeVerve. Infosys has seen a steady exit of top level executives over the last one-two years. Earlier this month, Infosys’ $500-million Innovation Fund’s Managing Director Yusuf Bashir, and the company’s head of mergers and acquisitions Ritika Suri resigned the firm.
Top Indian information technology companies such as Infosys, Tata Consultancy Services and Wipro, have recently found themselves in tight spot, as is showcased by high number of possible staff layoffs.