The shares of Info Edge dropped around 1 percent in the early trading hours of August 20 after the company announced that its CFO Chintan Thakkar has resigned. The shares of the parent company of job search portal Naukri were trading at Rs 1,365 apiece.
In an exchange filing, Info Edge announced that Chintan Thakkar resigned on August 19 to pursue another career opportunity in a different career trajectory. He will be relived from his responsibilities as the Chief Financial Officer of the company on or before November 19.
After Thakkar's resignation, the board of directors of the company appointed Ambarish Raghuvanshi as the Interim CFO and key managerial personnel, with effect from November 20, until the appointment of a new CFO. Raghuvanshi earlier served as the CFO of the company between 2001 and 2014.
"The Company is in the process of identifying and appointing a suitable successor for the position of Chief Financial Officer," it added.
Info Edge thanked Chintan Thakkar for his tenure as the CFO of the company. "The Board of Directors places on record its sincere appreciation for Mr. Thakkar’s invaluable contributions. In his tenure as Director and Chief Financial Officer, he played a pivotal role in driving the Company’s strategic initiatives, including capital market transactions, fund-raising and investor relations. He upheld the highest standards of corporate governance and transparency in financial reporting, thereby reinforcing stakeholder trust and regulatory compliance. His leadership has left a lasting impact on the Company’s growth trajectory and financial stewardship," it said.
In his resignation letter, Thakkar highlighted how Info Edge transitioned from a smallcap to a largecap company during his tenure, with in market capitalization growing 18x since he joined as the CFO. He further noted that the company's AIFs and investment vehicles enabled it to support over 100 promising tech and deep-tech startups. According to Thakkar, he is confident that these investments will "continue to create value for years to come, much like early investment in Zomato and Policybazaar have done for lnfoedge over the past one and a half decades".
"In my pursuit of empowering experiences and enriching growth, I will transition into a career in Investments as Group CEO of IAN Group and Senior Managing Partner at IAN Alpha Fund. IAN is one of the pioneers, and today, it is the country's largest platform for early-stage investing, with both Angel and VC Funds," Thakkar added.
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