More than a year later, the Indian technology company Infosys has witnessed another top-level exit. The company's Chief Financial Officer, Nilanjan Roy, will be stepping down, and his role will be taken over by Jayesh Sanghrajka, effective from April 1, 2024.
"I would like to express my deep appreciation for Nilanjan for ably leading the function over the last five years and wish him the very best for his future endeavors," said Salil Parekh, CEO & MD of Infosys.
Why Nilanjan Roy resigned?
Infosys, on December 11 (Monday), said that its board of directors has appointed Jayesh Sanghrajka as the Chief Financial Officer (“CFO”) and Key Managerial Personnel of the Company with effect from April 1, 2024.
In an exchange filing, the company mentioned that Roy has decided to step down to pursue his personal aspirations outside of Infosys. Nilanjan will continue to be with Infosys till March 31st, 2024, as CFO, it said.
Who is Jayesh Sanghrajka?
“I am delighted to announce that Jayesh will take over as Chief Financial Officer. As Deputy CFO, he has been leading multiple portfolios in the finance function for several years now and his depth of experience and knowledge will serve us well to take the function to greater heights," Parekh said.
Jayesh has spent over 18 years at Infosys across two stints and has performed various leadership roles. He is currently Executive Vice President and Deputy Chief Financial Officer. He has over 25 years of work experience and is a Chartered Accountant.
Jayesh was appointed as the Deputy Chief Financial Officer for the Infosys Group in October 2015 and is presently responsible for various areas of the finance function including investor relations, business finance, corporate finance, treasury and tax.
Additionally, he also oversees the mergers and acquisitions portfolio. In 2016, he was recognized by Businessworld magazine as the ‘Most Promising Future CFO’. Jayesh is a Chartered Accountant and a Cost Accountant, the company said.
Ongoing challenges for Infosys
Roy's departure follows a series of high-profile exits from Infosys, including former presidents Ravi Kumar S and Mohit Joshi. Infosys is navigating through a challenging macroeconomic environment and cautious market demand.
The company recently adjusted its revenue growth forecast for the full year to 1-2.5 percent, a reduction from the previous 4-7 percent. This cautious approach is also reflected in their decision to pause campus hiring amid slowing demand cycles.
Not only Infosys but also its peers like Wipro, TCS, and HCLTech have experienced similar changes, including the departure of Wipro's CFO Jatin Dalal and TCS CEO Rajesh Gopinathan, among others. This reshuffling highlights the dynamic nature of leadership in the IT industry.
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