Highlights of the call:

Board of Directors meeting held on August 18, 2017 accepted the resignation of Dr. Vishal Sikka as the Managing Director and CEO with immediate effect.

Almost everybody in the board asked Dr Sikka to reconsider the decision.

Pravin Rao has been named interim CEO.

Pravin Rao has over 30 years of experience.

Since joining Infosys in 1986, Pravin Rao has held a number of senior leadership roles including Head of Infrastructure Management Services, Delivery Head for Europe, and Head of Retail, Consumer Packaged Goods, Logistics and Life Sciences.

Dr. Sikka believes in the great potential of Infosys.

He resigned due to continuous distractions and disruptions over the recent months which were personal and negative. He said that it also prevented the management's ability to accelerate the company's transformation.

The allegations were becoming very personal and malicious.

Dr. Sikka has been appointed Executive Vice Chairman and will hold office until the new permanent Chief Executive Officer and Managing Director takes charge. This should not be later than 31 March 2018.

Dr. Sikka will be working closely with the senior management team to plan out the details and the timelines to ensure a smooth transition and continue work without disruption.

No one anticipated the additional headwinds like the geo-political disruptions (Brexit, Trump, visa etc.) that made the transformation even more challenging,

This continuous drumbeat of distractions and negativity over the last several months/quarters, inhibits ability to make positive change and stay focused on value creation.

Dr. Sikka will continue to focus on strategic initiatives, key customer relationships and technology development.

Dr. Sikka will receive an annual salary of $1 during his tenure as Executive Vice Chairman.

During Dr. Sikka's tenure as CEO, Infosys revenues have grown from $2.13 billion in Q1FY15 to $2.65 billion in June 2017 quarter.

When Dr Sikka took over, the company was growing at a third of the industry growth rate.

It also saw strong margin performance and cash generation. 

Liquid assets including cash and cash equivalents increased from $4.9 billion in June 2014 to $6.1 billion in June 2017.

It paid dividends of over Rs 19000 crore including dividend distribution tax over these three years. 

Under Dr. Sikka, Infosys launched breakthrough new programs to drive innovation, education and entrepreneurship on a large scale.

Employee attrition decreased dramatically during Dr. Sikka's tenure, particularly among high performers.

Utilization stands at a 10-year high.

Client satisfaction is at an all-time high.

Infosys launched more than 25 new services which rose to 8.3% of revenue last quarter, from zero in April 2015.

The new CEO assured that the company will not deviate much from Dr Sikka's vision for the company.