With Sikka acting as Executive Vice Chairman, the company has chosen U. B. Pravin Rao to act as its interim CEO.
Infosys had said in April it meant to return $2 billion to shareholders before March 2018 while also announcing the appointment of an independent director as co-chairman, both moves largely seen as attempts to calm the founders. "In his notice of resignation to the board, Dr Sikka reiterated his belief in the vast potential of Infosys but cited among his reasons for leaving a continuous stream of distractions and disruptions".
On Saturday, Infosys announced its Board has approved a proposal for the company to buyback its fully paid-up equity shares from the equity shareholders of the company for an amount not exceeding $2 billion.
Due to the ongoing tussle with the company co founder Narayana Murthy, Sikka has resigned.
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Infosys is likely to struggle to reach its ambitious US$20 billion revenue target by 2020 in what Mr Sikka has previously described as a "challenging environment out there".
Murthy and some other founders recently complained over salary issues and large compensation packages paid to some senior employees who had quit the company.
"Anguished by the allegations, tone and tenor of statements made by the Infosys board, below my dignity to respond to baseless insinuations", NR Narayana Murthy said.
Noting that a letter by Murthy attacking the integrity of the Board and the management for the alleged falling corporate governance standards was doing the rounds in the media, the company said the Board took umbrage to its contents. However he will continue to serve the company till March 31st 2018 so that the company goes on a smooth pace and Infosys will have enough time for a new management to take their oath. "Allegations that have been repeatedly proven false and baseless by multiple, independent investigations". As per a statement by the law firm, "the investigation concerns whether Infosys and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices". Infosys has been grappling with issues like crackdown on H1-B visas as profits come under pressure since the USA remains a significant market for the company.