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India's Infosys says CFO Ranganath has tendered resignation

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India's Infosys says CFO Ranganath has tendered resignation
FILE PHOTO: The logo of Infosys is pictured inside the company's headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa/File Photo   -   Copyright  ABHISHEK CHINNAPPA(Reuters)
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MUMBAI (Reuters) – The Chief Financial Officer of Infosys Ltd <INFY.NS> has tendered his resignation just seven months after India’s second-biggest software services exporter appointed a new Chief Executive Officer.

The board of Bengaluru-headquartered Infosys said in a stock exchange filing on Saturday it had accepted the resignation of CFO M.D. Ranganath, appointed to the post in 2015.

Ranganath, also known as Ranga, will continue as CFO till Nov. 16 this year, Infosys said, adding that its board will immediately commence the search for a new CFO.

Infosys, once the bellwether of India’s showpiece $154 billion (120.76 billion pounds)IT industry, last year witnessed a public row between founding executives and then-CEO Vishal Sikka over alleged corporate governance lapses. Sikka eventually exited the company in August 2017.

Salil Parekh, a long-serving Capgemini <CAPP.PA> executive, took over as Infosys CEO in January this year, at a time the company’s board is chaired by another key co-founder, Nandan Nilekani.

“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,” the Infosys filing quoted Ranganath as saying.

Ranganath did not immediately respond to calls or text messages seeking comment.

(Reporting by Sankalp Phartiyal; Editing by Euan Rocha and Kenneth Maxwell)

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