Bengaluru: Infosys on Monday informed the stock exchanges about key managerial changes in the organisation. According to a filing, the company said that Rajiv Bansal who is the Chief Financial Officer of the company stepped down as the CFO and key managerial personnel effective October 12, 2015 (end of business hours) and resigned from the services of the company effective December 31, 2015. He was responsible for corporate finance, business finance, operations planning and assurance, investor relations and taxation for the whole group.
Ranganath Mavinakere, EVP and head of strategic operations and CEO’s office, has replaced him. He has held several leadership positions during a tenure of nearly 15 years with Infosys. Currently heading the strategic operations, he is responsible for strategic planning, risk management, mergers & acquisitions and corporate marketing. In earlier roles at the company, he was the chief risk officer for over 5 years, implementing the enterprise risk management program and leading cost optimization initiatives as senior vice president in the chairman’s office.
Further the company also said, the Board approved the 2015 Incentive Compensation Plan, amending the existing 2011 RSU Plan.
“The 2011 RSU plan has been amended in accordance with the SEBI (share based employee benefits) regulations, 2014 and will be issued as the 2015 Incentive Compensation Plan. The grants made under the 2011 RSU plan will continue to be administered and implemented by the 2015 Incentive Compensation Plan. The 2015 Incentive Compensation Plan will be subject to the approval of shareholders,” Infosys said in its filing.
Commenting on the appointment of Mavinakere, Vishal Sikka, CEO and managing director said, “Over the course of the last sixteen months, I have come to know Ranga as a passionate leader and a balanced leader with tremendous ability, knowledge and integrity. We welcome him as our CFO.”
Sikka thanked Bansal for his outstanding contribution to the company and for being a great partner over the past 16 months. “As Infosys’ CFO, Rajiv has led our financial strategy and has been instrumental in bringing us to this point in our transformational journey. He’s a brilliant CFO and we will miss him even as we respect his decision and wish him continued success in his future endeavors.”
Bansal said, “It has been an absolute privilege and pleasure to work at Infosys. It has been a most exciting and rewarding experience. I am proud of what we have achieved as a team and am sure that Infosys, under the leadership of Vishal, will scale new heights in the times ahead.”
He has has over 20 years of experience and joined Infosys as finance manager in 1999. Prior to becoming the CFO, Rajiv was vice president and head of finance. As the head of Finance, his key priorities included supporting the company’s growth, managing critical finance functions and adhering to regulatory and compliance requirements. Before joining Infosys, Rajiv worked in different capacities at Tata Technologies, Cable & Wireless, and ABB. Bansal is a chartered accountant and cost accountant by profession. He holds a bachelor’s qualification in commerce from Calcutta University, India. He is a gold medalist and stood third in the Institute of Cost and Works Accountants of India (ICWAI).
