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Infosys CFO Ranganath resigns, search for successor soon
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SME Times News Bureau | 20 Aug, 2018
Infosys Chief Financial Officer (CFO) M.D. Ranganath has resigned and
will continue in the executive post till November 16, the IT major said
on Saturday.
"The Board of Directors accepted the resignation of
Ranganath as the CFO and key managerial personnel. He will continue in
the post till November 16. The Board will soon search for the next CFO,"
said the city-based software firm in a statement here.
Claiming
that he resigned to pursue professional opportunities in new areas,
Ranganath said he had an 18-year successful career in the $10.9-billion
global firm and as its CFO for the past three crucial years.
"I
am grateful to the iconic firm for giving me an opportunity to serve as
CFO. I am also proud that during its critical phase, we delivered strong
financial outcomes, strengthened its competitive position and enhanced
the value of its stakeholders," said Ranganath in the statement.
Ranganath,
55, is the third CFO to leave Infosys in the last six years after then
CFO V. Balakrishnan was elevated to the Board as a Director and head of
the company's back office operations (Infosys BPO) in October 2012.
Balakrishnan left Infosys subsequently in December 2013.
Rajiv
Bansal, who succeeded Balakrishnan in November 2012, resigned from the
high-profile executive post in October 2015 amid a raging controversy
over governance issues between the company's co-founders and previous
Board of Directors.
Infosys co-founder N.R. Narayana Murthy also
objected to the hefty severance package given to Bansal, who was a party
to the "costly" acquisition of the US-based Panaya software firm in
February 2015 under the company's first non-promoter Chief Executive
Vishal Sikka, who too resigned on August 18, 2017.
According to
the company's 37th annual report, Ranganath's annual compensation in
fiscal 2017-18 was Rs 7.98 crore, including Rs 7.03 crore as salary, Rs
24 lakh as retrials and 71 lakh shares as stock options.
Ranganath,
who owned 9,256 shares at the beginning of fiscal 2017-18, exercised
7,662 shares and held 16,918 cumulative shares at the end of last
fiscal.
Commenting on the CFO's contribution, co-founder and
Board Chairman Nandan Nilekani said Ranganath had played a pivotal role
in the company's growth and success.
"During his 18-year long
stint, I have seen Ranganath in leadership roles and delivering results
with distinction. With him as CFO, the company had resilient financial
performance, implemented capital allocation policy and earned respect of
stakeholders for enhanced value creation," said Nilekani.
Chief
Executive Salil Parekh said that he worked with Ranganath over the past
few quarters in shaping the company's strategic direction.
"I
admire Ranganath's financial acumen, understanding of the company's
business and ability to deliver results. He played a crucial role and
provided leadership. I am confident he will ensure a smooth transition,"
added Parekh.
In a separate statement, Narayana Murthy said that
Ranganath had worked with him for over 15 years and found him to him to
be one of the best CFOs in the country.
"Ranganath's ability to
take tough decisions in challenging situations, his financial expertise,
strong value system, unfailing courtesy and flawless execution always
distinguished him as an exemplary leader and a key asset for Infosys,"
said Murthy.
Lauding Ranganath for raising investor confidence in
the company during the last five years by managing costs and margins,
Murthy said the outgoing CFO was a rare individual who understood all
stakeholders, including clients, delivery teams, employee aspirations,
finance, investors, governance, law and the role of an ethical business.
"Ranganath
is everything the idea of Infosys has always stood for. His departure
is an irreplaceable loss for the company at this critical juncture. I
wish him the best in his future endeavours, Murthy said.
As part
of the leadership team, Ranganath has played key roles in consulting,
finance, strategy, risk management and M&A (mergers and
acquisitions) and worked with the board and its committees in
formulating and executing the firm's strategic priorities.
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