Reuters logo
RPT-TIMELINE-Infosys CEO Sikka resigns, bruised by disputes with founders
August 18, 2017 / 8:56 AM / a month ago

RPT-TIMELINE-Infosys CEO Sikka resigns, bruised by disputes with founders

(Repeats to fix formatting, no change to text)

Aug 18 (Reuters) - Major events at Infosys Ltd since the appointment of Vishal Sikka as chief executive officer three years ago. Sikka resigned on Friday.

* Aug 2014: Vishal Sikka, a former SAP AG executive board member, takes over from S.D. Shibulal as Infosys chief executive to revive the fortunes of the company which was losing market share.

* Dec 2014: Some of Infosys’s founders - N.R. Narayana Murthy, Nandan Nilekani, S.D. Shibulal and K. Dinesh - sell shares worth $1.1 billion in the company, cashing in on a more than 20 percent gain in the stock since Sikka’s appointment.

* Feb 2016: Board decides to extend Sikka’s tenure by two years to 2021.

* Feb 2017: Infosys says had already addressed concerns about executive pay after media reported that its founders had complained about decisions including a pay hike for Sikka.

* Feb 2017: Company reassures investors and analysts it was not being distracted by a dispute with founders.

* April 2017: Founder Murthy criticizes salary hike given to Chief Operating Officer Pravin Rao.

* April 2017: Company announces $2 billion cash return to shareholders and appoints independent director Ravi Venkatesan as co-chairman of board, moves seen aimed at placating some founders and former executives who were critical about the management.

* Aug 2017: Sikka resigns as CEO, citing a stream of distractions and disruptions. (Compiled by Aby Jose Koilparambil; Editing by Miyoung Kim)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below