Vishal Sikka resigns, Infosys shares fall by 9%!

Vishal Sikka resigned as the Managing Director and Chief Executive Officer of Infosys citing increasing personal attacks which is lowering the pace of company's transformation. He opined attacks had damaged the morale of the company which is in the phase of keeping pace with rapid changes in the IT Industry. 'For days, indeed weeks, this decision has weighed on me. I have wrestled the pros and cons, the issues and the counterbalancing arguments. But now, after much thought, and considering the environment of the last few quarters, I am clear in my decision. It is clear to me that despite our successes over the last three years, and the powerful seeds of innovation that we have sown, I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks,' he wrote on his blog.

Infosys announced Chief Operating Officer UB Pravin Rao will be the interim MD and CEO. The company informed Vishal Sikka will continue as Executive Chairman till March 31st, 2018. Shares of Infosys plunged by 9.4 percent after the shocking announcement by Vishal Sikka.

Infosys Founder NR Narayana Murthy could be behind Vishal Sikka's exit. Earlier, Mr.Murthy told three independent directors of the company had informed him that Vishal Sikka is less CEO Material and more Chief Technology Officer (CTO) Material. He even found fault with the Infosys board for not maintaining governance standards.