The Bengaluru-based IT major Infosys has retained its deputy CFO Jayesh Sanghrajka, amid speculations over his exit from the company.
Sanghrajka had resigned from the company in a build-up to the leaking of the whistleblowers’ letter alleging impropriety in financial statements by the company’s CEO Salil Parekh and CFO Nilanjan Roy. The timing of resignation by Sanghrajka had led to a lot of speculation in the market, with some brokerage houses even questioning the timing of his exit.
“Very serious news indeed. This equates to a corporate governance issue. Deputy CFO has also quit. This in itself is an indirect admission that something is rotten,” Harit Shah, Research Analyst, Reliance Securities had said. Many analysts see this development as a bid to calm down the nerves of the investors.
As part of the retention package, Sanghrajka has been given some key portfolios in the company, wherein he will report directly to the CEO Parekh. One of the portfolios is the company’s crucial mergers and acquisitions (M&A) portfolio. “For the finance function, he will be still reporting to Roy. But for his added responsibilities, he will be reporting to Salil,” sources confirmed.
Yet another source said the Deputy CFO has been given a handsome hike in pay package. It is learnt that the company has also circulated an internal mail in this regard, , informing employees about his retention.