Infosys appoints Jayesh Sanghrajka as CFO as Nilanjan Roy resigns

In a sudden move, Infosys has appointed Jayesh Sanghrajka as its chief financial officer (CFO) and key managerial personnel of the company with effect from 1 April 2024.

Sanghrajka will be taking over from Nilanjan Roy, who has resigned after serving in this role since 2018. Infosys said in an official statement that he has decided to step down “to pursue his personal aspirations outside of Infosys.” Roy will continue to be with Infosys till 31 March 2024 as CFO.

In his resignation letter addressed to Salil Parekh, CEO and MD, Infosys, Roy said, “Due to personal reasons for exploring external growth opportunities, I would like to tender my resignation from the services of the company. I will serve out my notice period. I would like to thank you and the Board for the invaluable support during my tenure and wish Infosys the very best for the years ahead.”

Sanghrajka comes with over 25 years of work experience and is a chartered accountant by qualification. He has spent over 18 years at Infosys across two stints and has performed various leadership roles.

His first stint was between 2000-2007 and currently since December 2012. He was appointed as the Deputy CFO for the Infosys Group in October 2015 and is currently responsible for various areas of the finance function including investor relations, business finance, corporate finance, treasury, and tax. Additionally, he also oversees the mergers and acquisitions portfolio.

“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,” said Parekh.

His resignation comes at a time when the company has seen several other senior level exits in the past few months. Most recently, two senior executives of Infosys – Vishal Salvi and Narsimha Rao Mannepalli, quit.

Earlier this year, Infosys president Mohit Joshi resigned to join as the CEO-designate of Tech Mahindra, and Kapil Jain, global head of Sales and Enterprise Capability at Infosys BPM resigned to assume the CEO role at eClerx.

Towards the end of last year, Ravi Kumar, president at Infosys, resigned and took up the CEO’s role at Nasdaq-listed Cognizant Technology Solutions.  

Infosys’ performance has been disappointing too. During the second quarter earnings, Infosys posted a mere 3.2 per cent year-on-year rise in its consolidated net profit to Rs 6,212 crore. The dollar revenue grew 2.5 per cent annually and 2.3 per cent sequentially in constant currency to $4.7 billion. It also trimmed its FY24 revenue growth guidance to 1-2.5 per cent from 1-3.5 per cent it had guided earlier, as delayed decision-making and lower discretionary spend from clients continue to pose challenges.

During early trade, Infosys' American Depository Receipts (ADRs) were down as much as 3 per cent on the NYSE.