Infosys' Vishal Sikka steps downs as CEO

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Vishal Sikka has resigned as Infosys chief executive and managing director, the company said in a statement Friday.

Infosys said U.B. Pravin Rao, its chief operating officer, had been named as interim managing director and chief executive.

One of the points of contention between Infosys board and the company's founders has been the salary Sikka should attain, and the way he steered the company. In the same year, a company announced an "Innovate in India Fund" worth $250 million to support Indian start-ups and also chose to increase the dividend pay-out ratio to up to 50% of post-tax profits. The Infosys also saw an acquisition spree under Sikka.

Mr. Sikka's resignation comes after the tussle between Infosys founders and board.

Another analyst on the condition of anonymity said that the position of Executive Vice Chairman will entail lesser powers that than MD & CEO and hence hence Vishal Sikka may not be too involved in the day-to-day running of the business. UB Pravin Rao is appointed as the interim MD and CEO of the software giant.

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In an unexpected move Vishal Sikka, the Chief Executive Officer and Managing Director of Infosys Ltd has resigned.

Now, the company has told shareholders that it has accepted the notice of resignation of Sikka, effective immediately. Since joining Infosys in 1986, he has held a number of senior leadership roles including Head of Infrastructure Management Services, Delivery Head for Europe, and Head of Retail, Consumer Packaged Goods, Logistics and Life Sciences.

The Company launched more than 25 new services which rose to 8.3% of revenue last quarter, from zero percent in April 2015. Dr. Sikka has also been a thought leader and visionary in artificial intelligence technology, recognizing early on the unprecedented value Infosys could deliver through automation and artificial intelligence-led innovation in clients' businesses.

Sikka was appointed as the CEO & MD of Infosys on June 12, 2014, taking over the then CEO & MD S.D Shibulal from August 01, 2014.

Dr. Sikka commented, "I started my journey as the CEO of this iconic Company with a mission to transform it on the basis of software, especially [artificial intelligence], and innovation, enabled by education. I believe the fault lies with the current board".