The share price of Infosys fell more than 1% in early trading on Tuesday, December 12, a day after the company announced the resignation of Nilanjan Roy as Chief Financial Officer. Following that, Infosys named Jayesh Sanghrajka as its new Chief Financial Officer (CFO). The Infosys share price opened at 1,475 against the previous close of 1,488.60 and declined 1.4% to 1,468.50 within the first 10 minutes of trading.
"The board of directors took note of Nilanjan Roy's resignation as Chief Financial Officer and key management personnel of the company, effective March 31, 2024." "Based on the nomination and remuneration committee and audit committee's recommendations, the company considered and approved the appointment of Jayesh Sanghrajka as Chief Financial Officer and key managerial personnel effective April 1, 2024," the company said in a BSE filing on December 11.
"I am delighted to announce Jayesh's appointment as Chief Financial Officer." He has been heading numerous portfolios in the financial function as Deputy CFO for several years now, and his breadth of experience and knowledge will serve us well as we push the function to new heights. I'd also want to thank Nilanjan for skillfully managing the function over the last five years and wish him all the best in his future undertakings." remarked Infosys CEO and MD Salil Parekh.
In the last year, the share price of Infosys has lost roughly 5%, substantially lagging the benchmark Sensex, which has gained 13%, and the BSE IT index, which has gained 17%.
Infosys reported a 3.2 percent year-on-year increase in consolidated net profit (attributable to business owners) of 6,212 crore for Q2FY24. According to the company's report, Infosys reduced its revenue growth target to 1-2.5 percent from 1-3.5 percent.
