Infosys CFO Ranganath steps down, will continue till November 16

M D Ranganth, the Chief Financial Officer of information technology firm Infosys Ltd, has put in his papers after an 18-year stint in the company. Infosys on Saturday said its board had accepted his resignation.

Ranganth had been appointed as the CFO of India's second-biggest software services exporter in 2015. Ranganath, popularly called Ranga, will continue in his current position as chief financial officer till November 16, 2018, Infosys said in a filing with the BSE.

In tendering his resignation, Ranganath stated in a press release issued by the company, “After a successful career spanning 18 years in Infosys including as CFO for the last three crucial years, I now plan to pursue professional opportunities in new areas.”

He added that he was grateful to Infosys for giving him the opportunity of serving as CFO, and was proud that over the last three years, during a critical phase of the company, his team 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. 
 

 

Nandan M Nilekani, 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 three 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, Nilekani thanked Ranga for his excellent contribution to the company and wished him all the very best in his endeavours.

Salil Parekh, Chief Executive Officer has this to say about the outgoing CFO: “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.”

During the 18 years that he has been associated with the company, Ranga has been a part of the Infosys Leadership team, playing 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.

The company's board will immediately commence the search for the next CFO, Infosys said.