Infosys CFO Ranganath quits

​Bengaluru: Infosys Chief Financial Officer (CFO) M D Ranganath has resigned and will continue in the executive post till November 16, the IT major said on Saturday.

"The Board of Directors accepted the resignation of Ranganath as the CFO and key managerial personnel. He will continue in the post till November 16. The Board will soon search for the next CFO," said the city-based software firm in a statement here.

Claiming that he resigned to pursue professional opportunities in new areas, Ranganath said he had an 18-year successful career in the $10.9-billion global firm and as its CFO for the past three crucial years.

Ranganath, 55, is the third CFO to leave Infosys in the last six years after then CFO V. Balakrishnan was elevated to the Board as a Director and head of the company's back office operations (Infosys BPO) in October 2012.

Balakrishnan left Infosys subsequently in December 2013. Rajiv Bansal, who succeeded Balakrishnan in November 2012, resigned from the high-profile executive post in October 2015 amid a raging controversy over governance issues between the company's co-founders and previous Board of Directors.

Infosys co-founder N R Narayana Murthy also objected to the hefty severance package given to Bansal, who was a party to the "costly" acquisition of the US-based Panaya software firm in February under the company's first non-promoter Chief Executive Vishal Sikka, who too resigned on August 18, 2017.