Infosys Chief Finance Officer (CFO), MD Ranganath resigned from the company after dedicating 18 years of his professional life to them. He will continue in his current role till November 16.
Ranganath, a veteran of nearly two decades at India’s second-largest software services company, has abruptly stepped down from his position. He is the second CFO to exit from Infosys in three years after Rajiv Bansal had resigned in October 2015.
The company statement read, “During his long tenure of 18 years in Infosys, Ranga(nath) has been a part of the Infosys leadership team 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,” said the company in a statement. The document also stated that, “He has decided to step down to pursue professional aspirations and the board has accepted his resignation.”
In the meantime, it is rumoured that Deputy CFO Jayesh Sanghrajka may replace him as the next finance chief.
Ranganath’s exit will cause great inconvenience to the company, as it is struggling to maintain its level of margins. His departure also marks the exit of third (the other two were, former president Rajesh Krishnamurthy and former healthcare business head Sangita Singh) top level officer from Infosys within a short span of time.
Ranganath was popularly known as Ranga, had earlier worked with ICICI Bank prior to joining Infosys in 2000. He shared a cordial relationship with the founders and other stake holders of the company.
Narayana Murthy was also very fond of Ranganath. Commenting on his resignation, Murthy said, “I have worked with Ranga (Mr MD, Ranganath, CFO, Infosys) 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,”
“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.