Infosys on Saturday announced that its Chief Financial Officer MD Ranganath had resigned from the company to “pursue professional opportunities in a new area”. In a statement, the company said that Ranganath would remain in the position till November 18 and that the board would immediately start looking for the next chief financial officer.

Ranganath said, “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.” He took over as the CFO after Rajiv Bansal quit the company in 2015. Ranganath said, “I am proud that over the last three years, during a critical phase of the company, we delivered strong and consistent financial outcomes, maintained high standards of financial reporting, built a world-class finance team, further strengthened the company’s competitive position and thereby enhanced value to the stakeholders.”

NR Narayana Murthy, Infosys founder, said that Ranganath’s departure would be an irreplaceable loss for the company at a critical juncture. “His ability to take tough decisions in challenging situations, his solid financial expertise, strong value system, unfailing courtesy and flawless execution always distinguished him as an exemplary leader and a key asset for the company,” CNBC-TV18 quoted Murthy as saying.

Nandan Nilekani, chairperson of the firm’s board, said Ranganath played a pivotal role in the growth and success of the company. “During his long stint, I have seen him in a wide spectrum of leadership roles and in each of them he has delivered results with distinction,” Nilekani said.

Infosys Chief Executive Officer Salil Parekh said that he admired Ranganath’s strong financial acumen, deep understanding of the company’s business, and ability to deliver consistent results. “He played a crucial role as the CFO and provided strong leadership for the company,” Parekh said.

Deputy CFO Jayesh Sanghrajka is likely to replace Ranganath, reported Mint, quoting two unnamed officials. Earlier this year, two other top leaders also departed the company – former president Rajesh Krishnamurthy and former healthcare business head Sangita Singh.