Infosys CFO Nilanjan Roy Resigns In Deepening CXO Churn For Indian IT

Nilanjan Roy has resigned as the chief financial officer at Infosys Ltd., in yet another senior-level exit at a top-tier Indian IT company.

Roy’s last working day is March 31, 2024. His deputy, Jayesh Sanghrajka, will be in charge the following day.

“As Deputy CFO, he (Sanghrajka) has been leading multiple portfolios in the finance function for several years now and his depth of experience and knowledge will serve us well to take the function to greater heights,” Salil Parekh, chief executive officer at Infosys Ltd., said in an exchange filing on Monday. 

“I would also like to express my deep appreciation for Nilanjan for ably leading the function over the last five years and wish him the very best for his future endeavours.”

Sanghrajka has spent over 18 years at Infosys across two stints and has performed various leadership roles. He is currently executive vice president and deputy chief financial officer. He comes with over 25 years of work experience and is a chartered accountant.

Infosys' ADR fell after the news broke. It was down nearly 3% as of publishing this story.

Roy’s resignation is the third senior-level exit from India’s second largest IT services firm in the past year or so. In October last year, Infosys President Ravi Kumar S resigned from the company to become the CEO of Nasdaq-listed Cognizant Technology Solutions Corp. His successor Mohit Joshi, who had been in Infosys for over two decades, resigned six months later to become CEO designate at Tech Mahindra Ltd. He assumes the position on Dec. 19.

To be sure, India’s top IT services firms—not just Infosys—are facing an unprecedented senior-level churn, after pandemic years of high attrition rates in the rank-and-file.

• In March this year, Rajesh Gopinathan, chief executive officer at Tata Consultancy Services Ltd., resigned to make way for Krithi Krithivasan. TCS’ Chief Operating Officer N Ganapathy Subramanian is also retiring at the end of this year.

• Tech Mahindra CEO Chander Prakash Gurnani is achieving superannuation this year. He’ll be replaced by Infosys’ Joshi in less than a fortnight.

• Wipro has been a revolving door of sorts, where wave upon wave of restructurings brought on CEO Thierry Delaporte have triggered a senior-level exodus—topped by the exit of CFO and old-timer Jatin Dalal in October this year.

On Monday, Infosys’ shares fell 0.13% to Rs 1,488.60 apiece on the BSE, even as the benchmark Sensex ended the day 0.15% higher at 69,928.53 points.