Bengaluru: In a surprising move that should shock the technology industry, the board at Infosys has accepted the resignation of Vishal Sikka. Sikka would however still continue as the Executive Vice Chairman.
According to a handful of news sources, Sikka cited "distraction" and "disruption" in his resignation letter.
An image of what appears to be a resignation letter tweeted by CNBCTV18, quotes him saying, "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."
The board was barely two days away from announcing its buyback plans. Its official communication to the exchange houses confirmed the news on Sikka's departure as CEO and appointment as Executive Vice Chairman, but there has been no mention on the proposed buyback.
AGS Manikantha, the company secretary was quoted as saying that the board has accepted the resignation with immediate effect, and appointed UB Pravin Rao as the interim Managing Director and CEO.
The board in the meanwhile has also commenced the look-out for a replacement to Sikka.
The BSE Sensex that opened to a jittery start in the pre-morning session today, saw the Infy stocks crash well over 5%.
