New Delhi: Infosys chief financial officer M.D. Ranganath has resigned from the company, a surprise move that industry watchers say raises questions about stability at the country’s second largest IT services firm.

Mr Ranganath, fondly known as Ranga, has been working with Infosys for close to two decades. He took over the CFO role in 2015 after the exit of Rajiv Bansal. He is leaving the company to “pursue professional opportunities in new areas” and will continue in his current position till November 16, 2018, Infosys said in a statement.

The board, which accepted the resignation at its meeting on Saturday, said it will immediately commence the search for Ranganath’s successor.

“After a successful career spanning 18 years in Infosys, including as CFO for the last three crucial years, I now plan to pursue professional opportunities in new areas,” Mr Ranganath said. Calls and messages to Mr Ranganath went unanswered. Reports suggest that Jayesh Sanghrajka, deputy CFO at Infosys, could succeed Mr Ranganath although this could not be independently confirmed with the company.

Describing Mr Ranganath as “one of the best CFOs” in India and a “rare individual”, Infosys co-founder N.R. Narayana Murthy said the exit is an “irreplaceable loss” for the company at a “critical juncture”.     

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