Infosys CFO Ranganath steps down, Narayana Murthy calls it 'irreplaceable loss'

Infosys CFO Ranganath steps down, Narayana Murthy calls it 'irreplaceable loss'

Infosys Chief Financial Officer(CFO) MD Ranganath, who had been associated with Infosys, India’s second-largest IT services company for two decades has suddenly stepped down from his position. This is the second time in three years when a CFO resigned Infosys. Ranganath stepped down from his position with the purpose of pursuing “professional opportunities in new areas”.

Ranganath will carry on with his current position as Chief Financial Officer till November 16, 2018. Infosys has announced that the board of directors has accepted the resignation of M.D. Ranganath as the Chief Financial Officer at its meeting on Saturday.

By adding a statement to stock exchanges, Infosys, however, did not give a reason for Ranganath’s departure. The IT giant only said, “The Board will immediately commence the search for the next Chief Financial Officer”.

Ranganth had been appointed as the CFO of India's second-biggest IT exporter in 2015. In tendering his resignation, Ranganath stated, “After a successful career spanning 18 years in the company, including as CFO for the last three crucial years, I now plan to pursue professional opportunities in new areas.”

He stated further that he was grateful to Infosys for giving him the opportunity of serving as CFO, and was proud that over the last three years, throughout an important phase of the company, his team delivered well built and consistent financial outcomes, sustained high standards of financial reporting, had successfully assembled a world-class finance team, etc.

NR Narayana Murthy, Infosys' co-founder, regarding Ranganath said, “I have worked with Ranga for over 15 years. He is clearly one of the best CFOs in the country. His ability to take tough decisions in challenging situations, his solid financial expertise, strong value system, unfailing courtesy and flawless execution always distinguished him as an exemplary leader and a key asset for the company.”

India’s second largest IT Services company has been struggling with senior exits under several CEOs in the recent past. Mysteriously, Infosys’ ex CEO Vishal Sikka stepped down exactly a year ago.

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