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Vishal Sikka has resigned from his positions of Chief Executive Officer (CEO) and Managing Director (MD) of Infosys and will now be the executive vice-chairman of the company.
In his resignation letter, Sikka wrote, "After much reflection, I have concluded that it is indeed time for me to leave my current positions as MD and CEO, and I have communicated my resignation to Sesh."
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The letter continued, "I will be working closely with Sesh, Ravi, Pravin, with all of you, and the senior management team to plan out the details and the timelines to ensure a smooth transition and in the meantime, continue our work without disruption, and ensuring that we protect our company, the employees, the clients, and the interests of every shareholder. You can count on my commitment to this.”
Company Secretary AGS Manikantha confirmed the development in a letter to stock exchanges, saying that Sikka's resignation had been accepted at a board meeting on August 18 and that Sikka would now be the executive vice-chairman of the company.
Meanwhile, Pravin Rao has been appointed as the interim CEO.
In the letter to the stock exchanges, Manikantha wrote, “The succession plan for appointment of a new Managing Director and Chief Executive Officer has been operationalised by the Board and a search for the same has been commenced."
Infosys, in an official press release, said: "Sikka has been appointed executive vice chairman effective today (August 18), and will hold office until the new permanent Chief Executive Officer and Managing Director takes charge, which should be no later than March 31, 2018. Sikka will continue to focus on strategic initiatives, key customer relationships and technology development. He will report to the Company’s Board. UB Pravin Rao has been appointed Interim Chief Executive Officer and Managing Director reporting to Sikka under the overall supervision and control of the Company’s Board."