Infosys  (INFY) stock traded down nearly 7% Friday morning after CEO Vishal Sikka unexpectedly stepped down, citing a "continuous drumbeat of distractions" and ongoing tension with founders over the company's strategy, according to Reuters.

Sikka was brought in to overhaul Infosys three years ago. In a Friday blog post, Sikka said he "cannot carry out [his] job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks."

The Infosys board came out in support for Sikka, calling out founder and former chairman Narayana Murthy for driving Sikka out. Murthy had previously been cited as calling Sikka "CTO material" and not "CEO material."

Since Sikka took the helm in 2014, Infosys' market cap jumped to $31.78 billion from $4.6 billion. Shares have increased more than 20%. Sikka's resignation comes one day before a shareholder meeting to discuss a major buyback program.

More of What's Trending on TheStreet:

If you liked this article you might like

Infosys: Pent Up Value, Ready to Rise

Infosys: Pent Up Value, Ready to Rise

India's Rise as a Superpower Center Stage at Davos - Here's One Hot Trade

India's Rise as a Superpower Center Stage at Davos - Here's One Hot Trade

Markets Take the Government Shutdown in Their Stride: Market Recon

Markets Take the Government Shutdown in Their Stride: Market Recon

A Heavenly Buy-Write Combination

A Heavenly Buy-Write Combination

We Are Bearish on Infosys, and Here's Why

We Are Bearish on Infosys, and Here's Why