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Infosys CFO Ranganath resigns, search for successor soon (Third Lead)
Bengaluru, Aug 18 (IANS) 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.
“I am grateful to the iconic firm for giving me an opportunity to serve as CFO. I am also proud that during its critical phase, we delivered strong financial outcomes, strengthened its competitive position and enhanced the value of its stakeholders,” said Ranganath in the statement.
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 2015 under the company’s first non-promoter Chief Executive Vishal Sikka, who too resigned on August 18, 2017.
According to the company’s 37th annual report, Ranganath’s annual compensation in fiscal 2017-18 was Rs 7.98 crore, including Rs 7.03 crore as salary, Rs 24 lakh as retrials and 71 lakh shares as stock options.
Ranganath, who owned 9,256 shares at the beginning of fiscal 2017-18, exercised 7,662 shares and held 16,918 cumulative shares at the end of last fiscal.
Commenting on the CFO’s contribution, co-founder and Board Chairman Nandan Nilekani said Ranganath had played a pivotal role in the company’s growth and success.
“During his 18-year long stint, I have seen Ranganath in leadership roles and delivering results with distinction. With him as CFO, the company had resilient financial performance, implemented capital allocation policy and earned respect of stakeholders for enhanced value creation,” said Nilekani.
Chief Executive Salil Parekh said that he worked with Ranganath over the past few quarters in shaping the company’s strategic direction.
“I admire Ranganath’s financial acumen, understanding of the company’s business and ability to deliver results. He played a crucial role and provided leadership. I am confident he will ensure a smooth transition,” added Parekh.
In a separate statement, Narayana Murthy said that Ranganath had worked with him for over 15 years and found him to him to be one of the best CFOs in the country.
“Ranganath’s ability to take tough decisions in challenging situations, his financial expertise, strong value system, unfailing courtesy and flawless execution always distinguished him as an exemplary leader and a key asset for Infosys,” said Murthy.
Lauding Ranganath for raising investor confidence in the company during the last five years by managing costs and margins, Murthy said the outgoing CFO was a rare individual who understood all stakeholders, including clients, delivery teams, employee aspirations, finance, investors, governance, law and the role of an ethical business.
“Ranganath is everything the idea of Infosys has always stood for. His departure is an irreplaceable loss for the company at this critical juncture. I wish him the best in his future endeavours, Murthy said.
As part of the leadership team, Ranganath has played key roles in consulting, finance, strategy, risk management and M&A (mergers and acquisitions) and worked with the board and its committees in formulating and executing the firm’s strategic priorities.
Ranganath was also the company’s chief risk officer from January 2008 to July 2013.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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