Vishal Sikka of Infosys Resigned,, Company Accepted It

In a strange move from the world's leading IT company, Vishal Sikka resigned as the Chief Executive Officer (CEO) and Managing Director of global software major Infosys Ltd. The company made a formal announcement of this news.

"The Board of Directors has accepted the resignation of Vishal Sikka as the Managing Director and Chief Executive Officer with immediate effect at its meeting held on Friday," said the IT major in a statement here.

The Board, however, appointed the 50-year-old Sikka as Executive Vice-Chairman and will hold office until the new CEO and MD takes charge by March 31, 2018.

It also appointed Chief Operating Officer U.B. Pravin Rao as the interim CEO and MD, reporting to Sikka under its overall supervision and control.

"Sikka will continue to focus on strategic initiatives, key customer the relationships and technology development. He will report to the Board," noted the statement.

Sikka will receive an annual salary of $1 (Rs 64) during his tenure as Vice Chairman. Any equity awards held by him that remain outstanding and shall continue to vest (and, in the case of stock options, become exercisable) in accordance with their terms.

"The Board thanks Sikka for his outstanding leadership and extraordinary contributions during a period of rapid evolution in this industry," the statement added.

Sikka joined Infosys on August 1, 2014. He previously served as Executive Director at the German software major, SAP.