India’s Infosys CFO Nilanjan Roy resigns, Jayesh Sanghrajka to succeed

By Haripriya Suresh and Sai Ishwarbharath B

BENGALURU (Reuters) -India’s No. 2 IT services provider Infosys said on Monday Nilanjan Roy has resigned as its finance chief and would be succeeded by insider Jayesh Sanghrajka.

Roy, who joined Infosys from Bharti Airtel and has been its chief financial officer since March 2019, decided to step down to pursue his “personal aspirations” outside of the company, the software services exporter said in a statement.

Sanghrajka, whose appointment is effective April 1, 2024, has spent more than 18 years at the company in two stints and has been the deputy CFO of Infosys Group since 2015.

“Given Infosys’ leadership and how they have second-rung talent ready, it may not have a big disturbance in terms of operations or margin agenda of the company,” said Ruchi Burde Mukhija, research analyst at Elara Capital.

Roy’s departure is the latest in a series of top-level exits at Infosys including that of former presidents Ravi Kumar S and Mohit Joshi.

The Indian IT industry has been grappling with subdued demand in a tough macroeconomic environment.

“Every IT services firm is experiencing anxiety with the current unstable market, and the need to calm things down is critical for firms like Infosys and Wipro, both of which have been experiencing some significant departures,” said Phil Fersht, CEO at tech research firm HFS Research.

Infosys slashed its annual revenue forecast twice in the past couple of quarters and has forecast FY24 revenue growth of 1%-2.5%, which will be the slowest pace in at least a decade.

Infosys’ U.S.-listed shares fell as much as 3.2% after the announcement. They were last trading 2.2% down at $17.50 apiece.

(Reporting by Haripriya Suresh, Sai Ishwarbharath B and Hritam Mukherjee in Bengaluru; Editing by Shilpi Majumdar)