Infosys chief financial officer Nilanjan Roy handed over his resignation with effect from March 31, 2024, according to the regulatory filing by the company. Roy will be replaced by Jayesh Sanghrajka as the CFO and key managerial personnel of the company from April 1, 2024.
"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. I would also 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 endeavours," says Salil Parekh, CEO & MD, Infosys.
With a career spanning 18 years, Sanghrajkar currently serves as the executive vice president and deputy chief financial officer, according to the Bengaluru-Headquartered company. Sanghrajkar joined Infosys first between 2000 and 2007 as general manager-finance and again in December 2012 as the vice president and corporate financial controller. Sanghrajkar currently overlooks 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, says the IT major.
Sanghrajkar is an alumnus of University of Mumbai, Institute of Cost Accountants of India and Institute of Chartered Accountants of India, and has also served as the Head Finance (Vice President) at Rediff.com.
The development comes months after Mohit Joshi and Ravi Kumar resigned from their respective roles in the company as President. While Joshi is currently leading Tech Mahindra as the new CEO, Kumar is leading Cognizant.
Last week, another IT major Wipro witnessed the departure of its chief growth officer Stephanie Trautman with effect from December 31, 2023. Based in the U.S. and a former Accenture executive, Trautman led a team that was responsible for winning large client deals for the company.
In the July to September quarter of FY24, the company’s attrition rate stood at 14.6%. The company’s net profit stood at ₹6,212 crore in the September quarter, witnessing a growth of 3.32%, as against ₹6,021 crore in the same period last year. The company’s consolidated revenue in the September quarter grew 6.7% to ₹38,994 crore against ₹36,538 crore revenue during the year-ago period.
Last month, the company announced that it will distribute the quarterly performance bonus to eligible employees for the July-September period.
Individual payout will be based on the performance of the employees for the quarter, and the average payout is expected to be 80%.
Staff classified as under position level 6 (PL 6 manager) and below, that is those below manager category barring entry level positions, are scheduled to obtain the variable pay.
Unit delivery manager will finalise the distribution of the payout for their respective units and inform eligible employees this week.
Infosys had frozen salary hikes in FY23 to conserve cash but started its annual appraisal cycle in October. The payout of the performance bonus comes at a time when Infosys and other top tier IT companies have reported muted revenue growth in the September quarter.
