Infosys CFO MD Ranganath Steps Down

Infosys Chief Financial Officer (CFO) MD Ranganath. Image used for representational purpose.

(Photo: IANS)

Mavinakere Dwarakanath Ranganath, the chief financial officer at Infosys, resigned from his post at India’s second-largest software service provider to “pursue professional opportunities in new areas”.

The board of directors in a meeting on Saturday, 18 August, accepted Ranganath’s resignation and said the search for the next CFO will start immediately. Ranganath will continue in his current position as the CFO till 16 November, the company said in an exchange filing.

“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,” Ranganath said in the press release.

During his tenure at the IT major, Ranganath held several leadership roles in key areas like consulting, finance, strategy, etc. He also worked closely with the board and its committees in formulating and executing strategic priorities for the company.

Infosys Chief Executive Officer Salil Parekh said that Ranganath played a crucial role in shaping the “strategic direction” of the company.

With Ranganath 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.

Nandan Nilekani, Chairman, Infosys Board said

Prior to joining Infosys, Ranganath worked with ICICI Limited from 1991-1999 where he held leadership responsibilities in treasury, planning and credit functions.

(This story was originally published on BloombergQuint.)