vishal sikka resigns as managing director and ceo of infosys,Share broken up to 7%

Mumbai: Infosys promoter NR Narayana Murthy’s last. The company’s managing director (MD) co-chief executive officer (CEO) vishal sikka has to resign from his post. The company has entrusted U B Praveen Rao with the responsibility of the MD and CEO internally.

Surprisingly, the company said in the information sent to the stock exchange before the start of business on Friday.

– The resignation of the vishal sikka from the post of MD and CEO has been accepted by the company’s board of directors with immediate effect.

– The vishal sikka will now be the executive vice president of the company.

– Ub Pravin Rao will see the work of MD and CEO interim Rao is currently the Chief Operating Officer (COO) of the company.

Along with this, the company announced that the process of recruiting the heirs of the vishal sikka and the task of finding qualified contenders are being started. With this announcement, there was a lot of pressure on the shares. In the initial trading, Infosys shares were down seven per cent compared to Thursday and it was trading at about 950 rupees.

The vishal sikka can be kept as executive vice president of the company till March 31, 2018. Because it is decided that the coin will remain in the new post till the new permanent MD and CEO takes charge. The company says that the new appointment should be done by March 31, 2018. As the Executive Vice President, the annual salary of vishal sikka will be $ 1, but they will not have any effect on the shares given to them under the stock option