Coforge Gains ~2% as Chief Financial Officer Resigns Before Q3 Results, Citing Personal Reasons

5 Jan 2024 , 11:32 AM

Coforge Ltd shares were under focus on Friday morning after Ajay Kalra resigned as the IT firm’s Chief Financial Officer (CFO), citing pre-occupation and other personal obligations. The resignation comes only days before the IT firm’s third-quarter earnings report on January 22.

Coforge said that Kalra would remain a full-time employee and Senior Advisor to the firm until July 10, 2024, and Saurabh Goel has been hired as the CFO and Key Managerial Personnel (KMP) with effect from January 5, 2024.

Kalra stated in his resignation letter that he resigned for personal reasons and to seek other possibilities. He stated that, although stepping down as CFO, he will remain an employee in an advising capacity with the organisation until July 10.

“We would like to notify you that Ajay Kalra, the Chief Financial Officer (CFO) of the company, has stepped down from his role due to personal reasons and to explore alternative opportunities. As of January 4, 2024, he no longer holds the position of Key Managerial Personnel (KMP) in accordance with Section 203 of the Companies Act, 2013. Despite his resignation from the CFO position, he will remain a dedicated full-time employee and serve as a Senior Advisor to the Company until July 10, 2024,’ announced Coforge.

Saurabh Goel was the Deputy CFO and Executive Vice President at Coforge. Investor relations, pricing, contracts, company finance, audit, investment programmes, and corporate treasury have all been his responsibilities. Goel has been with Coforge for the past thirteen years and has a total of nineteen years of finance expertise.

At around 11.18 AM, Coforge was trading 2.08% higher at Rs 6,077.80 per piece against the previous close of Rs 5,954.05 on NSE.

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