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| Infosys chief executive Vishal Sikka resigns | Infosys chief executive Vishal Sikka resigns |
| (about 1 hour later) | |
| The chief executive of Infosys, Vishal Sikka, has resigned from his post with an unconventional and lengthy letter blaming "personal attacks". | |
| In the letter Mr Sikka said the "continuous drumbeat of distractions" contributed to his decision to resign. | In the letter Mr Sikka said the "continuous drumbeat of distractions" contributed to his decision to resign. |
| It follows public criticism of the company and its board by its founders. | It follows public criticism of the company and its board by its founders. |
| Infosys is one of India's largest IT services firms. Shares in the firm plunged 9% following news of Mr Sikka's departure. | |
| Mr Sikka was appointed in June 2014 and tasked with turning around the struggling business. | Mr Sikka was appointed in June 2014 and tasked with turning around the struggling business. |
| The company announced he was resigning as chief executive and managing director with immediate effect, but would stay on as executive vice chairman. | |
| Infosys chief operating officer U. B. Pravin Rao will take over as interim chief executive, the firm said. | Infosys chief operating officer U. B. Pravin Rao will take over as interim chief executive, the firm said. |
| Resignation letter | Resignation letter |
| The move follows disagreements between the company and its founders, who were unhappy with various decisions taken by the board. | The move follows disagreements between the company and its founders, who were unhappy with various decisions taken by the board. |
| The firm's founders, who still own 12.75% of Infosys, had questioned a pay rise granted to Mr Sikka and the size of severance payouts given to other employees. | The firm's founders, who still own 12.75% of Infosys, had questioned a pay rise granted to Mr Sikka and the size of severance payouts given to other employees. |
| In his resignation letter, Mr Sikka covers a wide range of topics - from artificial intelligence, to the Charlottesville tragedy, Brexit and US President Donald Trump - as he explains his decision to step down. | |
| He notes constant "distractions" frustrated his efforts to grow the company. | He notes constant "distractions" frustrated his efforts to grow the company. |
| "Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks," he said. | |
| "This continuous drumbeat of distractions and negativity over the last several months/quarters, inhibits our ability to make positive change and stay focused on value creation. | |
| "Allegations that have been repeatedly proven false and baseless by multiple, independent investigations," he wrote. | "Allegations that have been repeatedly proven false and baseless by multiple, independent investigations," he wrote. |
| Under Mr Sikka's leadership the firm, which exports IT services, has shifted away from traditional IT services to focus on new products. | |
| Some parties, including the company's founders, have been critical of the approach. | |
| Allegations 'harmed morale' | |
| In a statement, Infosys said it was "profoundly distressed" by the personal attacks on its management team in recent months. | |
| The company denounced its critics and said the allegations had "harmed employee morale and contributed to the loss of the company's valued CEO". | |
| It praised Mr Sikka's efforts in providing a new direction for the company, increasing revenues and reducing employee attrition. | |
| Mr Sikka will receive an annual salary of $1 in his new role as executive vice chairman. |