The News Minute| Bangalore| June 12, 2014| Indian IT bellwether Infosys on Thursday announced that its co-founder N.R. Narayana Murthy will step down June 14 and Vishal Sikka will be its new chief executive officer (CEO) and managing director from Aug 1, said a statement here.In a dramatic development two days ahead of the $8.25-billion company's 33rd annual general meeting Saturday, co-founder and executive chairman N.R. Narayana Murthy and executive vice-chairman S. Gopalakrishnan will step down June 14 to facilitate the transition smoothly, the global software major said in the statement.Sikka, 47, former executive of German software major SAP, will also be inducted as a full-time director on the company's board June 14."The Infosys board of directors is pleased to announce the selection of Vishal Sikka as the chief executive officer and managing director (CEO and MD) of the company," it said. The board also elevated company's president and director U.B. Pravin Rao as chief operating officer from June 14."Murthy and Gopalakrishnan will voluntarily step down as executive chairman and executive vice-chairman to facilitate a smooth transition of responsibilities. They will, however, continue on the board till Oct 10, as non-executive chairman and non-executive vice chairman respectively," it said.