Ending all speculation, Infosys, India's second largest IT services company today announced Vishal Sikka, the former chief technology officer and member of executive board at enterprise software maker SAP, as the new CEO & MD.
Sikka has been appointed as the Executive Vice-Chairman, Infosys said.
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. Three years later, I feel proud of our progress and achievements: Vishal Sikka.
Stating that he is looking forward to working with talented Infoscions, Vishal Sikka said, "I am honoured to lead Infosys, an iconic company built by pioneers in the technology industry. I look forward to working with and learning from talented Infoscions around the world."
Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
'Vishal Sikka may have realised that he was in no position to deliver on the promise Infosys made to its shareholders.' 'Perhaps he was looking for an escape route and he quit under the cover of "continuous drumbeats of distractions",' says Sudhir Bisht.
Shares of Infosys today closed at Rs 1,065.35, down 1.95 per cent from the previous close on the BSE.
Infosys: Sikka magic may revive double-digit revenue growth
The Board rued that its efforts to resolve the concerns of the founders - who together own about 12.75 per cent stake in Infosys - over the course of a year through a dialogue have not been successful.
Infosys is steadily trying to get back its lost ground under Sikka.
Even after this sale, the founder group will continue to have a substantial shareholding in the company.
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Infosys, TCS, HUL and Reliance Industries were the top gainers of the day.
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The 30-share Sensex is down 359 points at 26,378 and the Nifty has dropped 78 points to trade at 7,883
The year 2014 has been an eventful one for India. The country got a new government and a new state, broke new frontiers in various fields and of course its share of controversies.
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The 30-share Sensex lost 22 points to close at 27,090 and the 50-share Nifty gained 7 points to end at 8,121.
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