Vishal Sikka was known as the pioneer of timeless software. Possibly one of the coolest CEO’s, known for walking barefoot on the firms outsourcing grass and taking numerous selfies with employees. In a turn of events, Sikka stepped down as the CEO and MD of Infosys on Friday, 18th August.The company said they accepted the resignation with immediate effect, however, Sikka will be serving as the Executive Vice Chairman.It didn’t come as a shock to many considering the past few months. The Separation of Rajiv Bansal, accusations coming in from the media, allegations by the founder of Infosys, Narayan Murthy have all led to this decision.
Vishal Sikka’s Stepdown Impact and turn of events after
Earlier this year, Founders led by Narayan Murthy accused the board of poor governance and questionable pay raises.Although Sikka never openly stated any of his conflicts and difference in opinions, it was hinted that he was being suffocated by the blame games.The stock market was shaken, yet analysts have cautioned investors to not make a hasty exit.
In his letter, Sikka stated that despite the baseless accusations what pushed him further away was the fact that he didn’t get support from the ones he expected to back him up. He adds that this negativity hampered his ability to create and made him lose focus.In a heartfelt email to his employees, he encourages everyone to strive hard, work for what they believe and wishes them luck in future endeavors.Pravin Rao was appointed as the interim CEO and MD. Sikka assured the company a smooth transition.Infosys Chairman Ravi Venkatesan thanked Sikka for making Infosys ‘Relevant again’.
Another instance of Founder CEO Dispute
The recent past has seen many such cases of fights between CEO, the board, and founders. A similar situation arose On October 24, 2016, when Tata sons board ousted Cyrus Mistry as chairman. Ratan Tata was appointed the interim chairman.
In yet another episode of the corporate fight, will Infosys stumble? Or will the world see a new era of technology? Only Time will tell.
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- : Corporate fights, Sikka stepdown , Resignation , Stock market, Infosys