Shares of Bangalore-based technology consulting company Infosys (NYSE: INFY) were trading as much as 9% lower on Friday morning. Nervous investors took the stock lower as CEO Vishal Sikka unexpectedly announced his resignation from Infosys’ executive team.
Sikka is stepping back to an executive vice chairman’s role for now. Interim CEO Pravin Rao will technically report to Sikka until a permanent replacement has been found and vetted, so the exiting CEO will still have some influence over the short-term direction of Infosys.