Vishal Sikka resigns from the CEO and MD posts of Infosys

Mumbai: Infosys Chief Executive Officer (CEO) and Managing Director (MD) Dr. Vishal Sikka has resigned from his posts in the global software major with immediate effect on Friday.

UB Pravin Rao has been given the interim responsibility for both the posts and Sikka has now been appointed as executive vice-chairman, India's second largest software services exporter said in a statement.

It could be mentioned that Sikka had just completed three years as the CEO of Infosys.

Sikka posted the news about his resignation on his twitter handle after the Infosys had sent the official statement to the Stock Exchange Board of India(SEBI) informing about the same.

https://twitter.com/vsikka/status/898400989060804609

"The Board of Directors has accepted the resignation of Vishal Sikka... with immediate effect at its meeting held on Friday," said the IT major in a statement here.

Here is the copy sent to the SEBI:

"Sikka will continue to focus on strategic initiatives, key customer the relationships and technology development. He will report to the Board," noted the statement.

Sikka will receive an annual salary of $1 (Rs 64) during his tenure as Vice Chairman. Any equity awards held by him that remain outstanding and shall continue to vest (and, in the case of stock options, become exercisable) in accordance with their terms.

"The Board thanks Sikka for his outstanding leadership and extraordinary contributions during a period of rapid evolution in this industry," the statement added.

Sikka joined Infosys on August 1, 2014. He previously served as Executive Director at the German software major, SAP.