As was being speculated recently, Indian technology major Infosys announced Thursday Vishal Sikka will take over as CEO and MD of the company with effect from August 1.
As was being speculated recently, Indian technology major Infosys announced Thursday Vishal Sikka will take over as CEO and MD of the company with effect from August 1.
Sikka, who was earlier on the executive board of SAP AG, will take over from SD Shibulal, and said he was humbled to be leading an "iconic pioneer" in the IT industry.
The company also announced a host of other top-level changes: founder NR Narayana Murthy, who returned from retirement to lead the company as executive chairman, will step down from June 14, and will be appointed Chairman-Emeritus.
S Gopalakrisnan will step down as Executive Vice Chairman while KV Kamath will become the Non-Executive Vice Chairman of the Board.
The company also elevated UB Pravin Rao as chief operating officer, while Murthy's son Rohan Murty, who joined as executive assistant to his father, will leave the company on June 14.
"I am pleased with the selection of Dr Vishal Sikka as our new CEO," Murthy said in a press release. "Vishal brings valuable experience as a leader of a large global corporation. His illustrious track record and value system make him an ideal choice to lead Infosys."
Sikka will become the first non-founding member CEO of the company established in 1981 by Murthy, along with six colleagues, who were earlier working with Patni Computers.
The company grew rapidly in the '90s to become the posterboy of the Indian IT industry, capitalising on a global services-outsourcing boom.
But the company was left behind by its less-glamorous rival TCS in the latter part of the last decade, as changing industry dynamics coupled with internal challenges, witnessed the re-entry of Murthy last year and sparked a virtual exodus of top-level staff.
Experts said Sikka's appointment will put to rest the intense speculation surrounding the top post at the company and will likely bring stability to the top deck.
Reacting to the news of the appointment, former CFO V Balakrishnan said he hopes Sikka will be able to meet the challenge of turning around Infosys. "Sikka has been a products man but the whole services business is changing too, and becoming more product-oriented with respect IP, etc."
On the news of Murthy stepping down as executive chairman, Balakrishnan said it was the right move as the new CEO would want to have his own executive team to implement his plans for the firm.
Infosys shares were up about 4 percent in pre-market trading in Mumbai.
Infosys stock price
On June 12, 2014, at 09:20 hrs Infosys was quoting at Rs 3243.00, up Rs 175.80, or 5.73 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2343.00.
The company's trailing 12-month (TTM) EPS was at Rs 177.52 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 18.27. The latest book value of the company is Rs 733.03 per share. At current value, the price-to-book value of the company is 4.42.
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