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Infosys CFO MD Ranganath quits

Infosys CFO MD Ranganath quits

New Delhi: IT major Infosys on Saturday said its Chief Financial Officer M D Ranganath has resigned from the company. Ranganath, an Infosys veteran who took over the role in 2015 after the exit of Rajiv Bansal, will continue in his current position till November 16, 2018.

He is leaving Infosys to "pursue professional opportunities in new areas", the company said in a statement, adding that the board will immediately commence the search for his successor.

"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 said.

He acknowledged that he held the key portfolio during a "critical phase".

"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," he said.

Calls and messages to Ranganath went unanswered.

Infosys had recently witnessed a protracted stand-off between its high-profile founders led by N R Narayana Murthy and the previous management over issues of corporate governance and severance package paid to former executives, including Bansal.

Another bone of contention was the acquisition of technology firm Panaya by Infosys under former CEO Vishal Sikka. Anonymous whistleblower reports flagging some of these issues were also submitted to market regulatory authorities in the US and India.

The tussle between previous management and Murthy had led to the sudden resignation of Sikka as CEO in August last year. Infosys co-founder Nandan Nilekani was brought in as chairman to steer the company during the turbulent phase, while Salil Parekh joined as the new CEO in January this year.

Earlier this year, Infosys also announced that it was selling Panaya as well as Skava, another software firm that Sikka had acquired.

Nilekani said over the last 18 years, Ranga –as he is popularly known –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," Nilekani said.

PTI

PTI

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