Bengaluru, Aug 18 (IANS): Infosys Chief Financial Officer (CFO) M.D. Ranganath resigned from the executive post, the IT major said on Saturday.

"The Board of Directors accepted the resignation of Ranganath as the CFO and key managerial personnel. He will continue in the post till November 16. The Board will search for the next CFO," said the city-based software firm in a statement here.

Claiming that he resigned to pursue professional opportunities in new areas, Ranganath said he had a 18-year successful career in the $10.9-billion global firm and as its CFO for the last three crucial years.

"I am grateful to the iconic firm for giving me an opportunity to serve as CFO. I am also proud that during its critical phase, we delivered strong financial outcomes, strengthened its competitive position and enhanced the value of its stakeholders," said Ranganath in the statement.

Commenting on the CFO's contribution, co-founder and Board chairman Nandan Nilekani said that Ranganath had played a pivotal role in the company's growth and success.

"During his 18-year long stint, I have seen Ranganath in leadership roles and delivering results with distinction. With him as CFO, the company had resilient financial performance, implemented capital allocation policy and earned respect of stakeholders for enhanced value creation," said Nilekani.

Chief Executive Salil Parekh said he worked with Ranganath over the past few quarters in shaping the company's strategic direction.

"I admire Ranganath's financial acumen, understanding of the company's business and ability to deliver results. He played a crucial role and provided leadership. I am confident he will ensure a smooth transition," said Parekh.

As part of the leadership team, Ranganath has played key roles in consulting, finance, strategy, risk management and M&A (mergers and acquisitions) and worked with the board and its committees in formulating and executing the company's strategic priorities.