A year after former CEO Vishal Sikka exited and eight months after Salil Parekh took over the role, the Indian multinational corporation, Infosys still seems to be struggling with attrition and instability in the leadership roles.
Following the exit of Sangita Singh, Executive Vice President, Healthcare and Life Sciences and Nitesh Banga, Senior VP and Global Head of Manufacturing and Edge products, now the Chief Financial Officer, M D Ranganath has also stepped down from his role.
On Saturday, 18th August, the Infosys board announced the resignation of its CFO, M D Ranganath and appreciated his contribution towards the growth and success of the company.
“During his long stint in the company, I have seen him in a wide spectrum of leadership roles and in each of them he has delivered results with distinction,” said Infosys Chairman Nandan Nilekani.
Ranganath had been working at Infosys for 18 years and took on various roles in his long tenure in the company.
Before taking on the role of the Chief Financial Officer in October 2015, Ranganath served as Senior Vice President of Cost Optimization Initiative at the company for almost two years and led the cost optimization initiative of Infosys as part of the Chairman’s Office. He has also worked as the Chief Risk Officer at Infosys from January 2008 to July 2013 and has been responsible for Enterprise Risk Management comprising of risk identification, assessment, mitigation and reporting. He has also overseen the SOX compliance activities of Infosys and has led several teams within Infosys including the Head of Domain Competency Group, where he led a group of industry consultants and worked on key engagements with global financial services companies.
In his recent role as the CFO, he has played a crucial role in strategy execution and transformation journey of Infosys.
“With Ranga 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,” shared Nandan Nilekani.
The exit of Ranganath is being regarded as sudden as earlier this year he had shifted his base back to Bangalore from the US to operate being close to the Bengaluru-based CEO Salil Parekh. And In July last year, the company had shared that he would move to the US for business reasons. However, the board said that he has decided to step down to pursue his professional aspirations.
While the board has already begun the search for a person to replace M D Ranganath, who will continue on his current role till November 16, Infosys founder NR Narayana Murthy has described Ranganath's exit from the role as an ‘irreplaceable loss at this critical juncture.’
“He has been instrumental in raising investor confidence in the company during the last five years by managing costs and margins. He is a rare individual who understands all important stakeholders - clients, delivery teams, employee aspirations, finance, investors, governance, the law, and the role of an ethical business in building a better society,” exclaimed Murthy.
Narayan Murthy has, in fact, designated M D Ranganath as one of the best CFOs in the country.