Infosys’s Chief Financial Officer Nilanjan Roy has stepped down and his exit will be effective from March 31, 2024. The IT services major announced the appointment of Jayesh Sanghrajka as the new CFO from April 1.
Roy’s resignation comes at a time when Infosys as well as its other tier-I IT services peers including Wipro, HCLTech and TCS are witnessing increasing top-level exits.
In a statement, Infosys said that Roy, who was appointed in the role in 2018, decided to step down to pursue his personal aspirations outside of Infosys.
In the last one and half years, former presidents Ravi Kumar S and Mohit Joshi had resigned from the company.
Sanghrajka comes with over 18 years at Infosys across two stints and has performed various leadership roles. He is currently the Executive Vice-President and Deputy Chief Financial Officer. He comes with over 25 years of work experience and is a chartered accountant.
The company shared, "Sanghrajka was appointed as the Deputy Chief Financial Officer for the Infosys Group in October 2015 and is presently responsible for various areas of the finance function including investor relations, business finance, corporate finance, treasury and tax."
Speaking of his appointment, Salil Parekh, CEO & MD, Infosys said, “I am delighted to announce that Jayesh will take over as Chief Financial Officer. As Deputy CFO, he has been leading multiple portfolios in the finance function for several years now and his depth of experience and knowledge will serve us well to take the function to greater heights.”
“I would also like to express my deep appreciation for Nilanjan for ably leading the function over the last five years and wish him the very best for his future endeavours,” he added.
Also Read | Infosys promotes Jayesh Sanghrajka as Chief Financial Officer
On the business front, Infosys is currently braving macroeconomic uncertainties and cautious demand environment. As of the second quarter ended September 30, the company had even narrowed its revenue growth guidance for the full year at the upper end, estimating revenue growth to be in the range of 1-2.5 percent for the full year. This comes after it sharply slashed the guidance last quarter to 1-3.5 percent from 4-7 percent.
Consequently, the company even decided to skip campus hiring this year amid slowing demand cycles.
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Top level exits at IT giants
Infosys has seen a slew of Top level exits in the last 12-18 months. This include former president Ravi Kumar S in October 2022 who later became the CEO of Cognizant; former president Mohit Joshi had quit in March 2023 to join Tech Mahindra and most recently, EVP and former HR Head Richard Lobo moved on, who is set to join Tech Mahindra as the CHRO.
Not just Infosys, peers like Wipro too saw nearly 10 top level exits in 2023, including its CFO Jatin Dalal in September 2023. Others include Chief Operations Officer Sanjeev Singh, Americas 2 CFO Nithin V Jaganmohan, India head Satya Easwaran, iDEAS business head Rajan Kohli to name a few.
TCS saw its CEO and MD Rajesh Gopinathan quit in March 2023.
HCLTech lost its chief delivery officer Apparao VV in November 2023, while Sukamal Banerjee, the company's Engineering and R&D Services’ (ERS’) global strategy and investments left in March 2023, to join Xoriant as the CEO.
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