India’s Infosys Limited (NYSE: INFY) has found itself in a 8% hole after ex-CEO Vishal Sikka announced his sudden resignation today.
The abdication comes after incessant pestering and increasingly personal attacks have come to plague his term of three years. The former chairman and founder Narayana Murthy has accused the company of governance lapses, which have alternatively been seen as a power grab, prompting Sikka to cite Steve Jobs as his inspiration for leaving his post. The founder previously questioned the increase in pay Sikka has enjoyed as well as shady dealings during the acquisition of Panaya, which saw the CEO of Panaya appropriate, and hide, inordinate sums of the money from the deal.
The resignation comes as a severe blow to the IT company’s ambitions. For the past 3 years that Sikka has been at the post the company saw itself transforming from a commodity based service provider to an innovation-driven company. He had outpaced India’s benchmark IT index, NIFTYIT, by 15% during his tenure and set an ambitious revenue target for 2020 of $20 billion. Since then he had backtracked on that target, citing industry headwinds, but the leadership and vision that he brought to the company will be hard to replace, especially with the now highly publicized feud with a founder.