Infosys has retained Deputy CFO, Jayesh Sanghrajka, by adding responsibilities to his role that include driving the company’s merger and acquisition strategy, after he resigned in October 2019, according to media reports.
Sanghrajka was moved to the position of an interim CFO until Nilanjan Roy took charge as the CFO. Roy replaced Mavinakere Ranganath who quit in 2018.
Earlier, there were talks that Sanghrajka might join Mphasis as their CFO in order to replace the current CFO V Suryanarayan, who is set to retire in January 2019.
As the Bengaluru-headquartered software services exporter faced some allegations of accounting malfeasance against the organization’s top execs from an anonymous whistleblower, the resignation of its Deputy CFO surprised stakeholders and investors. However, Sanghrajka has been retained by Infosys and he will continue in his current role in addition to being in-charge of new responsibilities such as M&A.
Over the last two years, Infosys has seen a lot of movement in the top executives. Earlier this year, Suryaprakash Kareenahalli, Senior VP, Infosys, who was in charge of the India delivery for the company quit the organization to assume a role in New York-based Institute of Personal Leadership. Back in 2018, around the time that Ranganath had quit his position as CFO, the company was reeling from the loss of former CEO Vishal Sikka, and Sangita Singh,Executive VP, Healthcare and Life Sciences, and Nitesh Banga, Senior VP and Global Head of Manufacturing and Edge products.
In light of the current scenario of the Indian IT industry, such movement of top executives reflects that even the leaders in this field are grappling with the transforming landscape of the sector. Earlier this year, the media also reported that the employees who have been deferred hikes in salaries are a bit skeptical as the industry has seen layoffs and voluntary retirement programs for senior management.