Jayesh Sanghrajka to Take Over as the Interim CFO of Infosys
Infosys has confirmed the appointment of Jayesh Sanghrajka as its interim Chief Financial Officer
India’s second largest software services company Infosys has confirmed the appointed of Jayesh Sanghrajka as its interim Chief Financial Officer. Sanghrajka is currently the Executive Vice President and Deputy Chief Financial Officer at the company. With effect from November 17, 2018, he will take over his role as the interim Chief Financial Officer and Key Managerial Personnel.
Sanghrajka has over 20 years of work experience, out of which he spent 13 at Infosys over two stints performing various finance functions. Before beginning his second term at Infosys, Sanghrajka had worked at renowned firms like Mu Sigma as the vice president of finance, Rediff.com as the head of finance and director of corporate accounting at Tishman Speyer India.
While Sanghrajka seems like a perfect fit for the role due to his industry experience, the board is simultaneously in the process of finding a new CFO. The development comes 3 months after the company’s current CFO MD Ranganath’s surprise resignation in pursuit of professional aspirations in August. His term ends on November 16, 2018.
Big Shoes to Fill
Sanghrajka has big shoes to fill as Ranganath who is popularly known as “Ranga” had set the bar quiet high during his 18 years stint at Infosys. “Ranga has played a pivotal role in the growth and success of Infosys. During his long stint in the company, I have seen him in a wide spectrum of leadership roles and in each of them he has delivered results with distinction,” Infosys Chairman Nandan Nilekani had said earlier in a press note.
Nilekani commended Ranganath for strong and resilient financial performance on multiple fronts along with his brilliant implementation of efficient capital allocation policy. Over the years, he had been instrumental in raising investor confidence in the company by delivering consistent financial outcomes. Before joining Infosys in 2000, Ranganath had worked at ICICI Bank for nearly eight years.
Despite the stable growth, Infosys has been struggling to maintain its previous levels of margins. Also, the frequent exits of top leaders from the company have become a matter of concern. 2018 has witnessed three top leaders exiting from the company including former president Rajesh Krishnamurthy and former healthcare business head Sangita Singh.
Ranganath’s exit also marks the loss of two CFOs for Infosys in barely three years. In October 2015, former CFO Rajiv Bansal had resigned due to tensions with the then management team led by company’s previous CEO Vishal Sikka. The company had recently entered into the US Advance Pricing Agreement and registered a record high cash flow of USD 2 billion and Return on Equity of 25 per cent.
Infosys had recently announced the plans of setting up a technology and innovation hub in Texas and hire 500 American techies in the state by 2020. The centre is stated to be located in Richardson, Texas with a special focus on telecommunication, retail and banking sectors. Infosys had committed setting up four such hubs in the US and hiring 10,000 locals by 2019.
"Infosys' investment in Texas reinforces the company's commitment to driving digital transformation for American enterprises by leveraging local talent alongside the best global talent," the company said in a statement. The Texas investment is expected to play an important role in driving digital transformation for American businesses.
The company had recently announced similar hubs in Hartford, Connecticut and Phoenix, Arizona, along with a unique Design and Innovation Hub in Providence, Rhode Island. As of now, Infosys has two technology and innovation hubs in Indianapolis, Indiana and Raleigh, North Carolina.