Business

Infosys Chief Financial Officer Ranganath resigns

Mumbai, Aug 18 (Agencies) | Publish Date: 8/18/2018 12:17:24 PM IST

Infosys Chief Financial Officer MD Ranganath, a veteran of nearly two decades at India’s second-largest software services company, has abruptly stepped down from his position, marking the second CFO departure at Infosys in three years.

In a statement to stock exchanges, Infosys did not give a reason for Ranganath’s departure, but said the company’s board had accepted his resignation and Ranganath would continue in his current role till 16 November 2018. The board has already started the process to hunt for Ranganath’s successor, it added.

According to two people aware of the matter, who requested anonymity, Jayesh Sanghrajka, deputy CFO at Infosys, is likely to replace Ranganath as the company’s next finance chief.

Ranganath’s departure marks the third top-level exit, all of them at the executive vice-president level, at Infosys under the stewardship of Chief Executive Officer Salil Parekh, who took over the reins of the company eight months ago. For Parekh, Ranganath’s exit comes at an inconvenient time, given that Infosys is struggling to maintain its previous levels of margins, even as it chases growth.

His exit is bound to raise concerns on stability at the top, and Infosys’ ability to retain its most valuable top leaders, given that Ranganath was widely seen as a steadying influence at the company, especially under the tenure of previous CEO Vishal Sikka when the company went through unprecedented levels of tumult.

Other than Ranganath, Infosys lost two other top leaders this year, former president Rajesh Krishnamurthy and former healthcare business head Sangita Singh.

“Over the last 18 years Ranga has played a pivotal role in the growth and success of Infosys. During his long stint in the company, I have seen him in a wide spectrum of leadership roles and in each of them he has delivered results with distinction. With Ranga as CFO, the company has in the last three crucial years, delivered a strong and resilient financial performance on multiple fronts, implemented an efficient capital allocation policy and earned the respect of all stakeholders through enhanced value creation,” Infosys Chiarman Nandan Nilekani said.

Ranganath, popularly known as “Ranga”, was widely seen as one of the last executives who represented the old guard of Infosys. He worked at ICICI Bank for nearly eight years, prior to joining Infosys in 2000. 

Over the years, he enjoyed a warm relationship with the founders and the promoter group at Infosys, especially with founder NR Narayana Murthy. During his tenure, Ranganath took on various roles at the company, including chief risk officer. He also played a key role in the chairman’s office that was set up in June 2013, when Murthy returned to the company as executive chairman.

“I am grateful to Infosys for giving me the opportunity of serving as CFO of this global iconic company. I am proud that over the last three years, during a critical phase of the company, we delivered strong and consistent financial outcomes, maintained high standards of financial reporting, built a world-class finance team, further strengthened the company’s competitive position and enhanced value to the stakeholders,” Ranganath said.

 

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