On December 12, Infosys’s stock started more than 1% lower on the resignation of Nilanjan Roy, the company’s chief financial officer, to pursue personal goals.
Roy’s resignation has hurt sentiment because it comes at a time when tier-I IT organizations are experiencing a rise in the departure of top management. Because of this, Infosys’ American Depository Receipts (ADRs) decreased by about 3% over night to $17.41 on the announcement of Roy’s departure.
On the NSE, shares of Infosys were trading about 1% lower at Rs 1,478.90 as of 09.17 am.
Morgan Stanley, a brokerage firm, also noted that Roy’s retirement was unexpected and would affect the mood of the stock. However, the company anticipates a rather seamless transition.
However, Hemang Jani, an independent market analyst, was taken aback by the sudden decline in ADRs because, in his opinion, Roy’s departure had little to do with corporate governance. Nevertheless, he suggested that investors take advantage of the stock’s decline as a purchasing opportunity.
The firm declared that following Roy’s departure, which would take effect on March 31, Jayesh Sanghrajka will assume the role of CFO beginning April 1, 2024.
Sanghrajka has worked for Infosys for more than 18 years, completing two stints during which he held a variety of leadership positions. In addition to being a chartered accountant, he has accumulated a total of 25 years of professional experience in his role as Executive Vice-President and Deputy Chief Financial Officer.
With great pleasure, I declare Jayesh to be the new Chief Financial Officer. Salil Parekh, CEO & MD of Infosys, said in an exchange filing: “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.”
Former Infosys presidents Ravi Kumar S and Mohit Joshi have left the business during the past 18 months.
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