Vishal Sikka to stay as Infosys CEO till 2021

Vishal Sikka to stay as Infosys CEO till 2021

Board recognises the CEO's contribution to Infy's fortunes

Vishal Sikka to stay as Infosys CEO till 2021

Infosys, the second largest IT services company, during its board meeting on Wednesday recommended the reappointment of Vishal Sikka as MD and CEO till March 2021.

In a BSE filing, the company stated that the board meeting recognised the outstanding contribution made by Sikka towards restoring the company to its industry leadership position.

Sikka joined Infosys on June 12, 2014, and was appointed as MD and CEO till 2019.In a statement issued by Infosys, the company said the management under the leadership of Sikka has drawn up goals for revenue, margins and people productivity for 2021-22 which are expected to be progressively achieved in the next five years.

“The board believes that Sikka’s leadership is essential to achieve these goals. Hence, the board recommends that Sikka’s present contract of employment be replaced with a new contract that is fully aligned to the period and goals as well as for shareholder value creation,” stated the company.

After the receipt of regulatory approvals, the nomination and remuneration committee shall determine and inform Sikka that the existing employment agreement shall stand terminated and be superseded by the new employment agreement, states the company. Sikka’s annual package currently stands at about $7 million, which includes stock options.

Sikka, 48, with his experience in German IT giant SAP, joined India’s $160-billion IT industry during a transitional phase when technologies and business landscape were witnessing dramatic changes. 

Employee retrainingBesides banking on design thinking, artificial intelligence and machine learning, Sikka decided to retrain employees to come up with innovative solutions for the clients which helped the company to register three consecutive quarterly revenue growth and order book of $3 billion.