Citing ‘continuous distractions’ as reason, Vishal Sikka, on Friday morning, stepped down as Chief Executive Officer (CEO) and Managing Director of Indian IT giant Infosys with immediate effect.
The news comes as the company board is gearing up for board meeting to discuss the proposal of buying back its shares. From past few months, Mr. Sikka has been receiving repeated criticism from board of directors and ex-CEO Narayana Murthy.
According to national media reports, three board members have complained Murthy about the bad performance of Vishal Sikka as CEO of Infosys. As soon as this bold decision by Vishal has come out, the share price of Infosys has slumped close to 7percent. He has been in troubles for taking home high salary and showing no improvement in company’s growth.
In 2014, Vishal left the SAP board to join Infosys as its CEO and since then, he has been pushing for Artificial Intelligence and Automation with in the company.
With Sikka stepping down, Infosys now appointed its CFO UB Pravin Rao as its interim-CEO and a replacement will be found soon.