Infosys Names Vishal Sikka as New CEO, Narayana Murthy to Step Down
Infosys has appointed former SAP chief technology officer Vishal Sikka as CEO. Dr Sikka will be inducted on the Infosys board on June 14. On the same day, Infosys founder Narayana Murthy will step down as executive chairman. He will continue as chairman emeritus of Infosys with effect from October 11, 2014.
Dr Sikka, 47, will take over as CEO and MD from current chief SD Shibulal on August 1, the company said in a statement today. He will be the first non-founder CEO at Infosys. (Read: Who is Vishal Sikka)
His appointment ends months of speculation about who will lead India's number two IT major and comes after several high-ranking executives quit the company. Dr Sikka was seen as a front runner for the post.
He tweeted, "Humbled to lead @Infosys an iconic pioneer in IT. Looking fwd to learn & work w/ infoscions & global clients on breakthrough innovation."
Mr Murthy had returned from retirement in June last year to lead the company. His return, with his son Rohan as his executive assistant, triggered uncertainty at the top and dimmed the company's status as the employer of choice for young IT workers, with staff leaving at an unprecedented pace.
Infosys said on Thursday the chairman's office would be dissolved and Rohan would leave the company on Saturday, when the company would hold its annual shareholders meeting in Bangalore.
Infosys shares, which have underperformed the broader markets as the company lost market share to competitors, rose around 4 per cent in early trade today. Analysts had said the company would benefit from swiftly appointing a new CEO. (Read the full story here)
Infosys has been losing market shares to its rivals Tata Consultancy Services and Cognizant Technology Solutions over the past few years. Infosys was once a star performer in India's more than $100 billion outsourcing sector, but the uncertainty at the top and its shrinking market share dimmed its status as the employer of choice for young IT workers, with staff leaving at an unprecedented pace.
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(With inputs from Reuters)
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