M.D. Ranganath steps down as Chief Financial Officer at Infosys

28 August 2018 Consultancy.in 2 min. read
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Infosys has been dealt a surprise blow to its senior leadership, after its Chief Financial Officer of three years M.D. Ranganath announced his resignation from the firm. Ranganath has been at Infosys for nearly two decades now, and cited the pursuit of “professional opportunities in new areas” as his reason for stepping down. 

Despite laying down substantial growth strategies for the Indian market, and making strategic forays into key segments in the US market, Indian IT services giant Infosys is struggling to maintain any real stability in its senior leadership. The firm’s CEO Salil Parekh, for instance, has only been at the helm of the firm since January this year.

Parekh has hit the ground running, having already devised plans to reorient Infosys operations towards the much coveted digital services segment, and subsequently linking executive evaluations to the firm’s revenues from the digital domain. Embarking on this new tenure, Parekh would have hoped to rely on the established senior leadership to help with the integration process.

The firm’s strategy has already been to minimise external appointments, with the exception of John Gikopoulos as the Global Head for its operations in the Artificial Intelligence and automation domains. However, he can no longer rely on M.D.Ranganath’s over two decades of familiarity with the firm.

M.D. Ranganath steps down as Chief Financial Officer at Infosys

“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,” said Ranganath, having announced his departure from the firm. To make the transition smoother, Ranganath will continue to work at the firm until November of this year. 

Ranganath added, “I am proud that over the last 3 years, during a critical phase of the company, we delivered strong and consistent financial outcomes, maintained high standards of financial reporting, built a world class finance team, further strengthened the company’s competitive position and thereby enhanced value to the stakeholders.”

An alumnus of IIM Ahmedabad – the most prestigious business and management school in India – Ranganath began his career at ICICI Bank, where he spent eight years and eventually ended his spell as Senior Vice President at the bank. He joined Infosys in 2000, and held the position of Executive Vice President for Strategic Initiatives before his most recent role as CFO.

Whatever Ranganath’s next venture is, he has received a glowing endorsement from his current employers. Nandan Nilekani, Board Chairman at Infosys said, “ Over the last 18 years Ranga has played a pivotal role in the growth and success of Infosys. During his long stint in the company, I have seen him in a wide spectrum of leadership roles.”