Infosys Chief Financial Officer (CFO) Nilanjan Roy has submitted his resignation, effective March 31, 2024, as per the company’s regulatory filing. Roy’s position will be succeeded by Jayesh Sanghrajka, who will assume the role of CFO and key managerial personnel starting April 1, 2024.
Expressing his satisfaction with the transition, Salil Parekh, CEO & MD of Infosys, stated, “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.”
Sanghrajka, with an impressive 18-year career, currently serves as the Executive Vice President and Deputy Chief Financial Officer at Infosys. He previously worked with the company between 2000 and 2007 as General Manager-Finance and returned in December 2012 as Vice President and Corporate Financial Controller.
Sanghrajka oversees various facets of the finance function, including investor relations, business finance, corporate finance, treasury, and tax. His responsibilities also extend to managing the mergers and acquisitions portfolio within the company.
An alumnus of the University of Mumbai, Institute of Cost Accountants of India, and Institute of Chartered Accountants of India, Sanghrajka previously held the position of Head Finance (Vice President) at Rediff.com.
This leadership transition follows the resignations of Mohit Joshi and Ravi Kumar, who stepped down as President of Infosys in previous months. Joshi now serves as the CEO of Tech Mahindra, while Kumar leads Cognizant.
The departure of Infosys CFO Nilanjan Roy occurs against the backdrop of Wipro witnessing the exit of its Chief Growth Officer, Stephanie Trautman, effective December 31, 2023. Trautman, a former Accenture executive based in the U.S., played a crucial role in securing significant client deals for the company.
Infosys reported an attrition rate of 14.6% in the July to September quarter of FY24. The company’s net profit for the same quarter grew by 3.32%, reaching ₹6,212 crore compared to ₹6,021 crore in the corresponding period last year. Consolidated revenue also witnessed a 6.7% increase to ₹38,994 crore.
In a recent announcement, Infosys revealed plans to distribute quarterly performance bonuses to eligible employees for the July-September period. The payout, based on individual performance, is expected to average 80%, with unit delivery managers finalizing the distribution. Infosys had frozen salary hikes in FY23 but resumed its annual appraisal cycle in October.
