Infosys Chief Financial Officer MD Ranganath Steps Down

Infosys on Saturday announced the decision of its chief financial officer MD Ranganath to step down. In a statement, the IT major said its board of directors accepted Mr Ranganath's resignation in a meeting held on the same day, and that it will immediately commence search for his successor. Mr Ranganath, who has served as the company's CFO for past three years,  will continue in his current position till November 16, 2018, Infosys said. 

During his 18-year-long stint in Infosys, Mr Ranganath has played several leadership roles in the areas of consulting, finance, strategy, risk management and M&A, said Infosys. Infosys, the second-largest software services exporter, also said that he has worked closely with the board on its committees in formulating and executing strategic priorities for the company.

Mr Ranganath 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."

CEO Salil Parekh said: "Ranganath 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 Ranganath will ensure a smooth transition. I thank him for his lasting contribution and wish him all the best."