Board under pressure after Sikka's exit

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In a short statement on Friday, Murthy had said that he would respond "in the right manner and in the right forum and at the appropriate forum".

The company's last CEO hunt in 2014 was a major challenge.

Healthy buying was witnessed in pharma, media and banking companies stocks.

In February last year, Sikka's term was mid-way extended by two more years till 2021 largely because of his performance. There were 521 advances, 1,161 declines and 287 unchanged stocks on NSE reflecting strong negative sentiments floating in the market.

The co-founders/promoters hold about 13 percent stake in the company that announced a Rs 13,000-crore share buyback programme on Saturday. "He was trying to make Infosys an innovation-driven company, not a commoditised service provider", said an Infosys engineer who asked not to be named because of the sensitivity of the issue.

Infosys has little time to waste in choosing a successor.

In a followup statement issued today, the company's board of directors said it had accepted Sikka's resignation and appointed U.B. Pravin Rao, the chief operating officer, as interim CEO and managing director. In just two days of trading after Sikka's resignation on Friday, Infosys has lost about 30,721.93 crores.

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"I think the question is whether the board enjoys the support of the investors and shareholders", Vazirani said on an investor call on Friday. "They'll wonder how much autonomy they'll get as CEO considering all that's happened".

The dramatic departure of Vishal Sikka as chief executive of Infosys, following a months-long public battle with the tech giant's founders, has left the company with another messy problem: how to find someone willing to replace him.

"Infosys' buyback announcement failed to enthuse investors as the stock fell over 3 per cent to Rs 893".

Murthy, three people familiar with the matter, said on the condition of anonymity, was taken aback by the tone of the board's letter following CEO Vishal Sikka's resignation.

Goswami says the board agreed to most of Murthy's demands over the past year - freezing former chief financial officer Rajiv Bansal's severance pay at 30 per cent of the agreed amount, appointing D N Prahlad, an ex-Infoscian and a relative of Murthy, to the board, investigating the $200 million acquisition of Israeli software firm Panaya, and appointing Ravi Venkatesan as co-chairman. "It has to be reconstituted if the new CEO has to have a chance", said Pai in a telephone interview.

Sikka, on the other hand, was unlike previous Infosys CEOs in that he is not one of its founders and spent most of his time in the United States, from where the company derives the bulk of its revenue.

"I think there is very little chance there will be an external candidate".

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