In a statement, Infosys said that they regret Vishal Sikka's decision to resign as the Managing Director and CEO.
The IT-giant Infosys on Friday praised Vishal Sikka for his seminal contribution to the organisation, however, said that the Board is profoundly distressed by the personal attacks on team members.
Vishal Sikka resigned as the Managing Director and CEO of India's second largest IT services firm Infosys.
The company lauded Sikka for his extraordinary contributions during a period of rapid evolution in this industry. "The Board appreciates Sikka’s commitment to facilitate a smooth transition to new leadership fully equipped to lead Infosys forward in this new era in our industry and to ensure continuity in our service to our valued customers," said Infosys in a statement.
"In his notice of resignation to the Board, Dr. 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," the IT giant said.
Sikka, in a letter to the board members, said 'false, baseless, malicious and increasingly personal attacks' have been made over the last many quarters and these allegations have been repeatedly proven false by multiple independent investigations.
"But despite this, the attacks continue, and worse still, amplified by the very people from whom we all expected the most steadfast support in this great transformation," Sikka said.
Stating that Vishal Sikka has made a seminal contribution to the transformation of Infosys, and he will be remembered for infusing a refreshed sense of direction, purpose and energy in the organisation, R. Seshasayee, Chairman of the Board said, "His vision for the future of the industry and the Company will remain a strong reference point as we chart the future course for Infosys in this new era in our rapidly evolving industry. On behalf of our entire board of directors, I wish him well for the future."
Sikka will receive an annual salary of $1 during his tenure as Executive Vice Chairman. "Any Company equity awards held by Dr. Sikka that remain outstanding and unvested shall, during his term as Executive Vice Chairman, remain outstanding and shall continue to vest (and, in the case of stock options, become exercisable) in accordance with their terms," Infosys said.
UB Pravin Rao has been appointed as the interim-managing director and chief executive, whereas Sikka has now been appointed as executive vice-chairman.
"The succession plan for the appointment of a new Managing Director and Chief Executive Officer has been operationalised by the board and a search for the same has been commenced," Infosys said.
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