Infosys on Thursday announced the appointment of Jayesh Sanghrajka as the interim chief financial officer (CFO) and key managerial personnel of the company with effect from November 17, 2018. The IT services firm said the current CFO, M.D. Ranganath will step down on November 16, 2018. The Board is in the process of selecting the next CFO, according to Infosys.
A chartered accountant, Mr. Sanghrajka has spent 13 years in Infosys over two stints and has performed various leadership roles in the finance function. He is currently executive vice president and deputy chief financial officer at Infosys.
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Experts such as Sanchit Vir Gogia, chief analyst and founder of Greyhound Research, said that the new Infosys CEO Salil Parekh comes with a fresh perspective towards IT services and the management has to be aligned with Mr. Parekh’s vision. “Infosys business is changing… it needs new blood in terms of financial management who works in tandem with Salil [Parekh],” said Mr. Gogia. “The traditional CFO carries a certain amount of baggage in terms of adjusting to the new management,” said Mr. Gogia. He is of the view that this is “not a negative development for the Infosys business” and a step in the right direction.
Strategy execution
An alumnus of IIM-Ahmedabad and IIT-Madras, Mr. Ranganath has over 27 years of experience in information technology and financial services industries. He had held several leadership positions during a tenure of over 17 years with Infosys. He also played a key role in strategy execution and in the transformation journey of Infosys including mergers and acquisitions. Last year in July, Infosys had said that it would relocate its chief financial officer M.D. Ranganath to the U.S. — its largest market — and had also revised his compensation package. “When I started [off], Ranga (M.D. Ranganath, CFO) used to run my office as well as our strategic operations and he was based in the U.S. When he became CFO, he moved back here (India),” former Infosys CEO Vishal Sikka had said. As Infosys aims to hire more in the U.S. in the next two years, it has to change the processes and is putting together new innovation centres, he had said. “So, there is a significant shift and transformation happening in the way we are working there. So, we need his help there,” Mr. Sikka had said.
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