Infosys CFO Nilanjan Roy Steps Down; Shares Fall

Infosys said that the company has promoted Jayesh Sanghrajka as the next CFO with effect from April 1, 2024

Nilanjan Roy will continue to be with Infosys till March 31, 2024 as CFO.

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Shares of Indian IT major Infosys dipped over 1 per cent on Tuesday early trade after Nilanjan Roy, the company's chief financial officer (CFO), stepped down from his post to pursue personal aspirations. Roy's resignation comes at a time when home-grown information technology firms are witnessing rising number of top brass exits. Roy's exit has dented Infosys' sentiment and as a result American Depository Receipts (ADRs) of Infosys also dropped about 3 per cent overnight to $17.41.

At 11.15 am, shares of Infosys recouped some losses and were trading at Rs 1,480 apiece, down 0.58 per cent, on the BSE. 

According to a regulatory filing on Monday, Infosys said that the company has promoted Jayesh Sanghrajka as the next CFO with effect from April 1, 2024. Roy will continue to be with Infosys till March 31, 2024 as CFO, it said.

Sanghrajka has spent over 18 years at Infosys across two stints and has performed various leadership roles. He is currently the Executive Vice-President and Deputy Chief Financial Officer with the company, it said.

"I am delighted to announce that Jayesh will take over as the Chief Financial Officer. As Deputy CFO, he has been leading multiple portfolios in the finance function for several years now," Infosys CEO and MD Salil Parekh said. "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," he said.

Sanghrajka has worked at Infosys first from 2000-07 and rejoined the company in December 2012. He was appointed the Deputy Chief Financial Officer with the Infosys Group in October 2015 and is responsible for various areas of the finance function, including investor relations, business finance, corporate finance, treasury, and tax. He also oversees the mergers and acquisitions portfolio.