Infosys, India’s prominent IT services provider, revealed a notable change in its leadership on Monday as Nilanjan Roy, the company’s Chief Financial Officer (CFO) since March 2019, tendered his resignation.
Nilanjan Roy, who previously held positions at Bharti Airtel, cited personal aspirations as the reason for his departure.
In a statement issued by the software services exporter, Infosys announced that Jayesh Sanghrajka, an insider with extensive experience within the company, would succeed Nilanjan Roy as the CFO.
Jayesh Sanghrajka, currently serving as the Deputy CFO of Infosys Group since 2015, is set to assume the CFO role effective April 1, 2024.
The departure of Nilanjan Roy marks the latest in a series of top-level exits at Infosys, including former presidents Ravi Kumar S and Mohit Joshi. This transition in leadership comes at a pivotal juncture for the Indian IT industry, grappling with subdued demand within a challenging macroeconomic environment, Reuters news report said.
Commenting on the leadership change, Ruchi Burde Mukhija, a research analyst at Elara Capital, expressed confidence in Infosys’ robust leadership structure, indicating that the transition might not significantly disrupt the company’s operations or margin agenda.
Industry observers like Phil Fersht, CEO at HFS Research, emphasized the prevailing anxiety within IT services firms due to market instability. The need to stabilize amidst significant departures, particularly at firms like Infosys and Wipro, remains critical amid the current market fluctuations.
Infosys recently revised its annual revenue forecast twice in the past few quarters, projecting a modest FY24 revenue growth of 1 percent-2.5 percent. This forecast signals the slowest pace of revenue growth for the company in at least a decade, reflecting the challenges faced by the Indian IT sector in the current economic landscape.
Despite the leadership transition and the subdued growth forecast, Infosys remains poised to navigate these challenges, leveraging its deep talent pool and strategic measures to sustain operations and navigate the evolving market dynamics.