The company's investors lost whopping Rs 22,523.82 crore during the day, as the news of its CEO resigning spread across the market.
Pravin Rao, now chief operating officer, will become interim CEO, India's second largest software services exporter said in a statement. The board has begun the search for Sikka's replacement. Though an investigation proved that the allegation made in the anonymous letter were baseless, it left the CEO at a loss as well as impacted employees morale.
Citing reason behind his resignation, Sikka said that it was hard for him to deal with continuous allegations and continuous noise around the same thing.
Despite the progress, Sikka said his position has now become untenable.
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Sikka's high-profile exit comes months after turmoil at another major Indian company. "That has hurt him", he said. Earlier only, Sikka termed this talk of corporate governance gossip.
He attributed non-release of the full probe report to confidentiality clauses.
That appeared to be a reference to some of Infosys' founders, who have publicly criticized the company over issues including executive pay.
Due to the ongoing tussle with the company co founder Narayana Murthy, Sikka has resigned. Infosys is even Asia's second largest software exporter informed a source. The board responded to the email, which was promptly and widely picked up by the media, saying that "Murthy's letter contains factual inaccuracies, already-disproved rumors and statements extracted out of context from his conversations with Board members".
"The continuous misalignment of views between founders, the board and the MD has led to this resignation".
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The board also said it would not offer Murthy a formal role in determining the company's corporate governance unless shareholders want it. "Mr Murthy wanted the demands to be adhered to without attribution to him". "Then we trust nobody -we don't trust the board, we don't trust independent auditors and feel that they are in connivance", he said.
"Our only focus was to run the company". Life is too short to engage in battles of opinions in the public.
Murthy referred to the worldwide auditors' report which in June said it found no wrongdoing by the company or its Board directors in the acquisition of the US-based software firm Panaya for $200 million in February 2015. He added that his grouse was never with Sikka but with governance.
"I asked Vishal how much salary he will ask for as the vice chairman". The Board declines to speculate about Murthy's motive for carrying out this campaign, including the latest letter, the statement added.
There were no immediate comments from Murthy on the allegations. He made it clear that succession planning is the top priority for Board. Infosys is more than a company, it is an iconic institution.
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