M.D. Ranganath, chief financial officer of Infosys Ltd., reacts during a news conference at the company’s headquarters in Bangalore, India. (Photographer: Namas Bhojani/Bloomberg)

Infosys CFO MD Ranganath Resigns

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 today 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 Nov. 16, 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.

Nandan Nilekani, chairman at Infosys, said 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”.

In a statement, Infosys Co-Founder NR Narayana Murthy termed Ranganath’s departure at a critical juncture an irreplaceable loss for the company.

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.
NR Narayana Murthy, Co-Founder, Infosys

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