Infosys has announced that its CFO, MD Ranganath has stepped down from his position and has tendered his resignation. The board of directors has accepted his resignation. Ranganath will remain as the CFO till November 16, 2018, and the search for a new CFO will commence immediately, a press release by Infosys said.
According to Mint, Deputy CFO Jayesh Sanghrajka deputy CFO Jayesh Sanghrajka will most likely replace Ranganath as the CFO of the Indian multi-national company.
According to the release, Ranganath said while submitting his resignation, "After a successful career spanning 18 years in Infosys including as CFO for the last 3 crucial years, I now plan to pursue professional opportunities in new areas."
In the statement, Nandan M Nilekani, the Chairman of the Board said, "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 3 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."
In a report by the Economic Times, Ranganath had shifted to Bangalore from the US earlier this year in order to be close to Infosys' Bangalore-based CEO Salil Parekh.
Ranganath's resignation has followed multiple resignations in the company's recent history. Vishal Sikka stepped down as Executive Vice-Chairman, former Indian American CEO and MD of Infosys. Following Sikka's resignation, many board members also left including V Seshasaayee, who was a non-executive chairman of the board. In May, Ravi Venkatesan also quit the company reasoning that he wants to pursue other ventures.