Infosys, in a surprise announcement, said Mr Vishal Sikka has resigned as chief executive, citing a stream of distractions and disruptions in recent months, pushing down shares of the second-largest Indian IT services firm nearly 8 per cent yesterday.
Infosys declined to speculate about Murthy's "motive for carrying out this campaign", adding that it must set the record straight on the false and misleading charges made by the doyen of the Indian IT industry which are damaging the company. The market reacted badly to the news as well. At one point, it had touched a 3-year-low by falling 13% and wiping out ₹30,000 crore of the company's market cap. The Murthy family has lost about Rs 1,550 crore in Friday's fall. "It is a bit sad, but I hope this will help the company improve and move on", Sikka told reporters via a video call from the USA, along with Board chairman R Seshasayee. "But now, after much thought, and considering the environment of the last few quarters, I am clear in my decision". He said that he was not seeking any money or position for his children. "It is below my dignity to respond to the baseless insinuations", he said.
Infosys Ltd ADR (NYSE:INFY) stock was down today on the surprise resignation of CEO Dr. Vishal Sikka.
It has struggled to adjust to the latest technology trends-such as the cloud, automation and artificial intelligence-and has faced political headwinds as movements in the US the United Kingdom have questioned the value of outsourcing.
In his resignation letter, Sikka mentioned the US and its leader as one of the main challenges the company has faced in recent months.
"I have read the statement issued by the Infosys Board of Directors".
Hours before Sikka's resignation, a business newspaper had carried a report about an email Murthy had written to his advisors doubting the ability of Sikka. The question though remains as to why the board did not act in time to prevent such damage and stood by Sikka to prevent his exit.
Murthy led a camp, at that time, Murthy has also alleged some questionable hiring made at Infosys while Sikka has CEO. Bronstein, Gewirtz & Grossman, Rosen Law Firm, Pomerantz Law Firm and Goldberg Law PC will examine potential claims by Infosys investors to find out if the company violated federal securities laws.
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