Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
Sikka has been appointed as the Executive Vice-Chairman, Infosys said.
Having lost some key personnel, the IT company is sticking to its formula of scouting internally
Infosys, the country's second largest information technology services company, plans to strengthen sales teams in America and Europe.
The Bengaluru-based firm has also inducted founder and CEO of Surya Software Systems D N Prahlad as an independent director on its Board, effective October 14, 2016.
However, the company says it will suspended promotions and salary increments this year.
During the year, he received a total compensation of $1.3 million (Rs 7.8 crore), including a salary of $844,453, bonus and incentives of $281,415 and other compensation of $154,143.
Infosys chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services.
India's second largest software services firm, Infosys on Thursday saw the exit of its global head of strategic sales, marketing and alliances Prasad Thrikutam.
Infosys, Facebook, Genpact, and Cognizant, among others, have reached out to employees and offered support in different ways as the second wave of Covid cases sees an exponential rise. Companies are asking employees to stay indoors and prioritise the health and safety of their families. This is of significance as several information technology firms were going to take a call on work-from-home from June and had plans to allow some employees to come back to work.
Such partnership will not only give the company an opportunity to showcase its expertise in new technology areas, they will also help in boosting its brand image with clients and employees
Attrition is driving the hiring effort on campuses.
Parekh, who is joining the company from Capgemini, will take over on January 2, 2018..
Infosys, however, cut 2017-18 revenue growth guidance to 5.5-6.5 per cent from 6.5-8.5 per cent in constant currency.
Infosys aims to achieve an aspirational goal of $20 billion in topline by 2020.
said its consolidated net profit has gone up by 7 pc to Rs 3,708 crore while total income in the October-December quarter rose 8.3 pc to Rs 18,093 crore.
With the appointment of Vishal Sikka as CEO and Managing Director of the company, IT major Infosys has elevated 12 leaders to the position of Executive Vice President with additional responsibilities.
In his blog, sikka said, "It is clear to me that despite our successes over the last three years, and the powerful seeds of innovation that we have sown, I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks."
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Fresher salary offered by IT companies in India had been stagnant at the level of Rs 3 lakh over the past 8-10 years.
As IT majors face a decline in their legacy business, they are realigning their sales strategies to push up revenues from newer technologies.
Infosys continues to see challenges in the short-term in the insurance space.
Overall attrition jumped to 20.6 per cent in the quarter, a 400 basis points rise over 16.6 per cent in the earlier quarter.
The CEO's compensation included a fixed salary component of Rs 6.07 crore, variable pay of Rs 10.96 crore and perquisites worth Rs 7.64 crore.
It has also proposed that CEO and managing director Salil Parekh be granted annual performance-based stock incentives in the form of restricted stock units worth Rs 10 crore under the 2019 Plan.
"Power to purchase its own equity shares or other securities by way of a buy-back arrangement has been included and provisions relating to nomination facility for shares by a shareholder have been inserted," the Infosys postal ballot notice, uploaded on the company's website, said.
Infy to cast wide net in CEO search, may go back to 'alumni'
Rising protectionist policies followed under Trump administration has prompted all IT services players to hire more locals in onsite geographies, especially in US.
'We have to plan for whatever the new normal is.'
The company has decided to consolidate its delivery functions horizontally
Restricted stock units can be an effective tool to curb employee attrition and retain key talent
Most of the 250 freshers Infosys hired from US campuses last year would be deployed in sales
Infosys has been struggling to revive high growth for two years.
IT services major Infosys, which has been battling high attrition rates, expects the situation to continue for a few more quarters before it can be brought down to "comfortable" levels, its Chief Operating Officer U B Pravin Rao said.
ESOPs allow employees to own equity in the company, which is seen as a morale booster for them.
Revenue of the Bengaluru-based firm grew 1.7 per cent to Rs 17,078 crore in the June quarter as against Rs 16,782 crore in the year-ago period.
The company is looking at building the 'bench' of employees in reserve, to be prepared for emerging demands, beside keeping staff attrition in control. Maintaining decent bench strength would help in implementing new projects.
Also looks at setting up development and training centres in the US to tide over visa-related issues
India accounted for 2.2 per cent of the revenues of Infosys.
Infosys has been making bets on automation and other high-margin services like artificial intelligence to regain some ground
This will be Infosys' first investment from its innovation fund dedicated to start-ups and emerging technologies.
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