The Board accepted his resignation on Saturday and has started looking for his replacement
Infosys Ltd today announced that Chief Financial Officer M D Ranganath has stepped down to pursue “professional opportunities in new areas”.
His resignation was accepted by the Infosys Board on Saturday.
Ranganath will remain CFO until November 16.
“The Board will immediately commence the search for the next Chief Financial Officer,” Infosys said in a statement.
Mint said, citing sources,that deputy CFO Jayesh Sanghrajka, is likely to replace Ranganath.
“After a successful career spanning 18 years in Infosys, including as CFO for the last three crucial years, I now plan to pursue professional opportunities in new areas,” said Ranganath in a statement.
He added that he was 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 thereby enhanced value to the stakeholders”.
Ranga, as he is affectionately called, has been a part of the Infosys Leadership team during his tenure at Infosys and has played several leadership roles in the areas of consulting, finance, strategy, risk management and M&A and has worked closely with the Board and its committees in formulating and executing strategic priorities for the company.
NR Narayana Murthy, Infosys' co-founder, said, “I have worked with Ranga for over 15 years. He is clearly one of the best CFOs in the country. His ability to take tough decisions in challenging situations, his solid financial expertise, strong value system, unfailing courtesy and flawless execution always distinguished him as an exemplary leader and a key asset for the company. He has been instrumental in raising investor confidence in the company during the last five years by managing costs and margins. He is a rare individual who understands all important stakeholders — clients, delivery teams, employee aspirations, finance, investors, governance, the law, and the role of an ethical business in building a better society. He is everything the idea of Infosys has always stood for. His departure is an irreplaceable loss for Infosys at this critical juncture. I wish him the best in his future endeavours.”
CEO Salil Parekh said Ranga played a crucial role. “Ranga played a crucial role as the CFO and provided strong leadership for the company. I am confident that over the next few months, Ranga will ensure a smooth transition. I thank him for his lasting contribution and wish him all the best,” Parekh said.
Interestingly, Infosys’ ex CEO Vishal Sikka stepped down exactly a year ago.
Shriram Subramanian, Founder and MD of InGovern Research Services, said the announcement was “completely surprising”.
“One was hoping Infosys would have stability at least at CFO level,” he said.
Subramanian added that Ranga was seen as an Infosys loyalist, and that he doesn't believe there is any other opportunity out there like Infosys.
Infosys has been going through turmoil since over a year now.
First, there was a very public spat between Sikka and co-founder Narayana Murthy that later led to a split opinion between the Board as well.
After Sikka’s departure, several Board members also left, including the former non-executive chairman of the Board, R Seshaaayee.
Ravi Venkatesan, former independent director of the Infosys board, also left in May, citing more exciting opportunities.And while India’s second largest IT Services firm has grappled with senior exits under several CEOs in the past, Ranganath’s resignation has come as a surprise to everyone.
Subscribe to Moneycontrol Pro's Annual plan for Rs 399/- for the first year. Use coupon PRO2020 (Available on Web & Android only).