Infosys CFO Ranganath tenders resignation
18 August 2018
Infosys today announced that its chief financial officer (CFO) M D Ranganathan has tendered his resignation and that the board of directors of the company at its meeting today accepted the resignation.
MD Ranganath, the chief financial officer and a key managerial personnel, will continue in his current position as CFO till 16 November 2018, allowing the Infosys board time to find a replacement.
Ranganathan’s resignation comes just seven months after India’s second-biggest software services exporter appointed a new chief executive officer after the earlier CEO Vishal Sikka was forced to step down in August 2017.
Infosys, once the bellwether of India’s $154 billion IT industry, last year witnessed a public row between founding directors and then-CEO Vishal Sikka over alleged corporate governance lapses. Sikka eventually exited the company
“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,” Ranganath stated while tendering his resignation letter.
“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 3 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. I thank the board, management team, my colleagues in the finance team and all the stakeholders for their wholehearted support during my tenure. I wish the management team all the best as I pursue opportunities outside the company.”
“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. On behalf of the Board, I thank Ranga for his excellent contribution to the company and wish him all the very best in his endeavors,” Nandan M Nilekani, chairman of the board, said.
“Ranga and I have worked closely over the past few quarters in shaping the strategic direction of the company. I admire his strong financial acumen, deep understanding of the company’s business and ability to deliver consistent results. He 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,” Salil Parekh, chief executive officer, said.
During his long tenure of 18 years in Infosys, Ranga 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, Infosys stated in a release.