M.D. Ranganath, chief financial officer (CFO) of Infosys, has resigned from his post, the company announced on Saturday. He is the second senior-most official to quit after the departure of former CEO Vishal Sikka.
“The board of directors at its meeting today accepted the resignation of M.D. Ranganath as the chief financial officer and a key managerial personnel,” the software services company said in a statement.
“Ranganath will continue in his current position as chief financial officer till November 16. The board will immediately commence the search for the next chief financial officer.”
“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,” Mr. Ranganath said in the statement.
‘Irreplaceable loss’
“His departure is an irreplaceable loss for Infosys at this critical juncture,” said Narayana Murthy, co-founder of Infosys. “I wish him the best in his future endeavours,” he said.
Chairman Nandan M. Nilekani said: “Over the last 18 years, Ranga has played a pivotal role in the growth and success of Infosys…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.”
CEO Salil Parekh said he was confident that over the next few months Mr. Ranganath would “ensure a smooth transition.”
Mr. Ranganath was a part of the Infosys leadership and had played leadership roles in consulting, finance, strategy, risk management and mergers and acquisitions.