After months of tussle with Infosys co-founder NR Narayana Murthy, Infosys' first non-promoter CEO Vishal Sikka on Friday resigned from the post of CEO and MD. Sikka, however, will continue to be a part of the company as Executive Vice Chairman to ensure a smooth transition.
Speaking on a conference call Sikka said, "there has been continuous drumbeat of these allegations, news stories. Same stuff of Rajeev's separation and Panaya. All of this stuff over and over and over again. It's is absolutely sickening. Whenever I am home in California, you wake up in the morning, there is some news story or the other on the same nonsense. At some point, you just say this is too much. I was spending too much time on dealing with these things."
Soon after Sikka's resignation, Infosys Board said that it understands and acknowledges Dr. Sikka's reasons for resignation, and regrets his decision.
Taking on the Vishal Sikka's critics, the Infosys Board said it is profoundly distressed by the unfounded personal attacks on the members of our management team that were made in the anonymous letters and have surfaced in recent months.
"A series of careful investigations found no merit to the unsubstantiated and anonymous allegations that had been asserted. The Board denounces the critics who have amplified and sought to further promote demonstrably false allegations which have harmed employee morale and contributed to the loss of the Company's valued CEO," it added.
04:00 pm: Sikka not motivated by phenomenal sums of money; he's motivated by what technology can do to amplify lives: R Seshasayee
03:40 pm: Sikka suggested $1 annual compensation for his role as executive vice chairman: R Seshasayee
03:15 pm: I voluntarily left the Board in 2014 and I am not seeking any money, position for children or power, rebuts NR Narayana Murthy
02:55 pm: Will reply to allegations in right manner, right forum and at an appropriate time: Murthy on Infosys board's charges.
02:50 pm: Some shareholders say it's hard to believe report by a set of lawyers hired by accused, giving clean chit to the accused: NR Narayana Murthy on Infy.
02:45 pm: Anguished by allegations, tone and tenor of statements by Infosys board, below my dignity to respond to baseless insinuations: NRN Murthy
02:40 pm: Succession planning high priority for board; important that next CEO buys into vision, culture and is people- oriented: Infy co-Chair Ravi Venkatesan.
02:26 pm: As a board we will do all we can to provide the right kind of leadership and create the right kind of environment for the new leadership: R Seshasayee
02:25 pm: This is the most challenging time in the history of the company. There are moments when changes become unavoidable: R Seshasayee
02:23 pm: We have got the approvals for the buyback. We are excited about that. The board is going to get together to get it done. Business continues as usual. We will have a smooth transition: Vishal Sikka
02:22 pm: I have ensured that there is continuity and the business does not suffer. I am still here. I am still the executive of the company. I will help the team in anyways I can. I have no plan about what I am going to do next. I am here till 31st march next year: Vishal Sikka
02:20 pm: It was difficult to deal with the continous allegations, noise. The Rajeev bansal separation, Panaya deal. At some point you realise this is taking a heavy toll on the organisation and personally. It is an untenable situation: Vishal Sikka
02:18 pm: In many ways it's a sad day. I hope it will help clarify and improve things. I started three years ago on this journey. Infosys is more than a company. It is an iconic company. It was a dream to become the CEO of the company: Vishal Sikka
02:16 pm: I am really proud of the results we have achieved in the past three years. Our margin performance has been extraordinary: Vishal Sikka
02:14 pm: Regardless of these changes, there won't be any strategic change at Infosys: R Venkatesan
01:00 pm: Vishal Sikka's resignation wiped out nearly Rs 17,000 crore from the market capitalisation of India's second largest software exporter on Friday.
12:35 pm: At this point of time, the board has no intention of inviting NR Narayan Murthy to play a formal role, says Venkatesan.
12:32 pm: No evidence whatsoever to any allegations made by founders
12:30 pm: Have done everything that a good board must do: Ravi Venkatesan
12:27 pm: Whenever I am home in California, you wake up in the morning, there is some news story or the other on the same nonsense. At some point, you just say this is too much. I was spending too much time on dealing with these things, says Sikka
12:16 pm: It was tough to wake up to same nonsense everyday: Vishal Sikka
12:15 pm: Will deliver on current quarters and for the year: UB Pravin Rao, Interim CEO & MD
12:10 pm: I want to assure everyone there is nothing abrupt about it...The business will continue. This is an iconic company: Vishal Sikka
12:06 pm: Panaya has been in news for all the wrong reasons, but it is the integral part of Infosys: Vishal Sikka
12:05 pm: Happy that The search for the CEO is not going to be easy: Ravi Venkatesan, Co-Chairmain, Infosys
12:00 pm: Can't reset strategy. We will have to find a transformation leader like Sikka: Ravi Venkatesan, Infosys Co-Chairman
11:50 am: High performance attrition has fallen: Sikka
11:45 am: Pravin and I will be talking to the clients. There will be no disruption: Vishal Sikka
11:40 am: Automation and innovation has been my main endeavour over the last three years : Sikka
11:30 am: Very proud of what we have achieved in last three years, says Vishal Sikka