India’s second-largest IT company Infosys on Saturday said that its board has accepted the resignation of M.D. Ranganath, CFO, Infosys, who has been a part of Infosys for the last 18 years. Following the resignation, Nandan Nilekani, Chairman, Infosys has thanked Ranganath for his “excellent contribution” to the company and has backed Ranganath’s pivotal role in the “growth and success of Infosys”. M.D Ranganath, popularly called Ranga, will continue to serve as CFO (Chief Financial Officer) of Infosys till 16 November 2018.
“Infosys announced that 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,” Infosys said in an exchange filing. The board will immediately commence the search for the next Chief Financial Officer, Infosys said.
“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,” M.D. Ranganath said on tendering his resignation. “I am grateful to Infosys for giving me the opportunity of serving as CFO of this global iconic company. 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,” Ranganath said further.
“I thank the Board, management team, my colleagues in the finance team and all the stakeholders for their wholehearted support during my tenure. I wish the management team all the best as I pursue opportunities outside the company,” Ranganath added.
“With Ranga as CFO, the company has in the last 3 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, I thank Ranga for his excellent contribution to the company and wish him all the very best in his endeavors,” Nandan M Nilekani, Chairman of the board said.
“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. I thank him for his lasting contribution and wish him all the best,” Salil Parekh, Chief Executive Officer said.
During his long tenure of 18 years in Infosys, Ranga has been a part of the Infosys leadership team and has played 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, Infosys said in a statement.