Infosys Chief Financial Officer M.D. Ranganath announced his sudden departure from the enterprise software conglomerate after 18 years at the firm has sparked concerns within the team, but Ranganath is reportedly urging the company’s finance team to not read into his exit.
Reports in Reuters last week said the CFO is departing Infosys, India’s second-largest software company, less than a year after the firm appointed a new chief executive officer. Ranganath had been in the CFO position since 2015, reports 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,” Ranganath said, according to an Infosys filing.
Days after the sudden announcement, Tuesday (Aug. 22) reports in The Times of India revealed Ranganath’s efforts to quell concerns about the decision. Unnamed sources told the publication that the CFO addressed his finance team this week to subdue concerns, and assured the staff that “there was nothing to be read into his departure other than what has been shared publicly.”
Reports said he addressed about 15 senior members of his finance team, some of whom were said to have “sensed a frantic pace of activity in the campus” on the day Ranganath announced his resignation. Some financial executives reportedly learned of his impending departure via the stock exchange after the board had accepted his decision.
Infosys did not comment on the issue to The Times of India.
Ranganath is slated to leave the company on Nov. 16 of this year, Reuters said.
Infosys’ revolving door may cause shares to slip as they did last year, following news of former CEO Vishal Sikka’s resignation. Reports in Reuters last August said shares dropped by 5.4 percent, hitting their lowest in more than three years. Market value declined by $5.2 billion.