- Vishal Sikka has been appointed as Executive Vice Chairman effective today, and will hold office until the new permanent CEO and MD takes charge, which should be no later than March 31, 2018.
- U. B. Pravin Rao has been appointed as Interim CEO and he will be reporting to Mr. Sikka.
- Mr. Sikka will receive an annual salary of $1 during his tenure as executive VC. Any Company equity awards held by Dr. Sikka that remain outstanding and unvested shall, during his term as Executive Vice Chairman, remain outstanding and shall continue to vest (and, in the case of stock options, become exercisable) in accordance with their terms.
- The Board has mandated the Chairman and the Nomination and Remuneration Committee to expeditiously identify and select a permanent CEO and Managing Director.
- Mr. Sikka will continue to report to the Board.
(As stated in the company press release)