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Infosys plunged nearly nearly 13 percent intraday on Friday after the board of directors of Infosys said that they have accepted the notice of resignation of Vishal Sikka as the Managing Director and CEO, effective immediately.
UB Pravin Rao has been appointed interim chief executive officer and managing director reporting to Sikka under the overall supervision and control of the company’s Board.
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.
Sikka has been appointed executive vice chairman effective Friday and will hold office until the new permanent chief executive officer and managing director takes charge, which should be no later than March 31, 2018.
Sikka will continue to focus on strategic initiatives, key customer relationships and technology development. He will report to the Company’s Board, Infosys said in a press release.
Under the leadership of Sikka, Infosys launched breakthrough new programs to drive innovation, education, and entrepreneurship on a large scale.
These programs included (i) Zero Distance, a program which was the first of its kind in the industry intended to drive grassroots innovation at a massive scale, through every employee,
(ii) Design Thinking training, the largest program of its kind to drive creative confidence and problem-finding in every Infoscion, and
(iii) Zero Bench, a bold notion of leveraging the bench as a means to drive additional value for clients. Employee attrition has decreased dramatically during Dr. Sikka's tenure, particularly among high performers, utilization is at a 10-year high, and client satisfaction is at an all-time high.
At 09:33 hrs Infosys was quoting at Rs 960.20, down Rs 60.95, or 5.97 percent on the BSE. It touched an intraday high of Rs 1,021.50 and an intraday low of Rs 958.25.
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