The CEO of Indian IT services company Infosys has reportedly resigned due to a fall-out with company`s founders. Vishal Sikka left Infosys resultin
The CEO of Indian IT services company Infosys has reportedly resigned due to a fall-out with company`s founders.
Vishal Sikka left Infosys resulting in an 8% dop in the copany`s share price, according to report published at finextra.com.
As the online media noted, the board has been engaged in arguments with the company`s founders for some time. Sikka wrote that he resigned because there were “false, baseless, malicious and increasingly personal attacks” from the founders.
“This continuous drumbeat of distractions and negativity inhibits our ability to make positive change and stay focused on value creation.”, he said as quoted by the article.
Sikka is a Ph. D. in computer science from Standford University and a former chuief technology officer at German IT company SAP, according to Bloomberg (bloomberg.com). He was the first non-founder to take the CEO role at Infosys in 2014.
After Sikka`s resignation, shares fell with 13 percent Friday and 4.6 percent Monday.
“Beyond the loss suffered due to Sikka’s resignation, the way the board handled the issue was even more damaging.”, said Sudheer Guntupalli, an analyist at Ambit Capital Pvt., while speaking to Bloomberg.
Some of the possible internal candidates for the position are Pravin Rao, a long-time Infosys employee, and Chief Financial Officer Ranganath D. Mavinakere. Ranga, who holds a degree from the Indian Institute of Technology. Other potential candidates are Deputy Chief Operating Officer Ravi Kumar, Rajesh Krishnamurthy, who leads the energy and telecommunications units and Mohit Joshi, who heads the banking business.
Accordig to finextra.com, Infosys had set itself an ambitious revenue target of $20bn by 2020. It is to be seen how this goal will be achieved amid Sikka`s unexpected depature from the company and the shrinking number of deals with Western cliens.