Ranganath has been a part of the Infosys Leadership team and has played several leadership roles in the areas of consulting, finance, strategy, risk management and M&A.
IT major Infosys on Saturday said its Chief Financial Officer M D Ranganath has resigned from the company. Ranganath, who has worked with Infosys for about 18 years, is leaving the company to "pursue professional opportunities in new areas", Infosys said. His last day will be November 16, 2018.
The board will immediately commence the search for the next CFO, Infosys said in a statement.
"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," Ranganath said.
He further said: "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." Ranganath had taken over the said role after the then CFO Rajiv Bansal had quit in 2015.
"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," Nandan Nilekani, Infosys board chairman, said.
Ranganath has been a part of the Infosys Leadership team and has played several leadership roles in the areas of consulting, finance, strategy, risk management and M&A.
He has worked closely with the board and its committees in formulating and executing strategic priorities for the company, the statement said.
“After a successful career spanning 18 years in Infosys, including as CFO for the last three crucial years, I now plan to pursue professional opportunities in new areas,” said Ranganath in a statement.
He added that he was proud that over the last three 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”.
According to a report in Mint, citing sources,it stated that deputy CFO Jayesh Sanghrajka, is likely to replace Ranganath.
Earlier, Infosys had flagged off concerns around increased rejection of work visa applications, and said this could result in delays and increase in project costs for its clients.
The Bengaluru-based company has already been ramping local hiring in key markets like the US to tackle increasing scrutiny around work visas by various governments.
"Recently, there has been an increase in the number of visa application rejections. This has affected, and may continue to affect, our ability to obtain timely visas and staff projects. As a result, we may encounter delays or additional costs in managing such projects," Infosys said in a recent regulatory filing.
IT major Infosys has flagged off concerns around increased rejection of work visa applications, and said this could result in delays and increase in project costs for its clients.
The Bengaluru-based company has already been ramping local hiring in key markets like the US to tackle increasing scrutiny around work visas by various governments.
"Recently, there has been an increase in the number of visa application rejections. This has affected, and may continue to affect, our ability to obtain timely visas and staff projects. As a result, we may encounter delays or additional costs in managing such projects," Infosys said in a recent regulatory filing.
Infosys also noted that the company may have to apply in advance for visas or could incur additional cost in maintaining such visas that could result in additional expenses.
The company also warned that its international expansion strategy, and business could be materially adversely affected if change in immigration and work permit laws impairs its ability to staff projects with local workers. Previously, Infosys had stated that stricter work visa norms across various markets like the US and Australia will not "constrain" its business growth as the IT firm is focussing on hiring locals and training workforce in these geographies.
(With inputs from PTI)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "In a shocking move, Infosys CFO MD Ranganath quits after 18 years")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}