At Cognizant, Jatin Dalal, former Wipro CFO, succeeded Jan Siegmund, who retired earlier this yr.Wipro had sought Rs 25 crore from Dalal for breach of contract after he joined Cognizant as CFO instantly after leaving Wipro in November final yr. Nevertheless, Cognizant has paid Rs 4 crore to its CFO Dalal, to settle the lawsuit and associated arbitration along with his former employer, Wipro.
At Wipro, Aparna Iyer changed Dalal, who has been with the corporate since 2003 and held varied management roles, together with inner audit, enterprise finance, monetary planning & analytics, company treasury, and investor relations.
LTIMindtree has appointed Vipul Chandra, who beforehand managed the treasury on the mum or dad firm Larsen & Toubro, as its new CFO. Its former CFO Vinit Teredesai has joined Persistent Techniques as CFO. Vikram Shroff, partner-employment regulation in regulation agency AZB, stated that it’s nonetheless frequent to incorporate non-compete and different restrictive covenants in customary employment contracts, notably within the Indian expertise sector.
“By way of these clauses, employers search to make sure that not simply its info but in addition that of its clients stay protected, throughout and after the tip of employment. Employers stay delicate to outgoing staff utilizing such info towards the corporate’s enterprise pursuits.”
Former Infosys CFO Mohandas Pai acknowledged that when firms promote present staff to prime finance positions, it demonstrates a powerful bench and a deliberate succession technique. Nevertheless, he added, “When an exterior particular person is introduced in as CEO, clearly, there’s a lack of expertise throughout the firm. With that being the case, a CFO from the market isn’t a surprise.”
HCLTech elevated Shiv Walia as its new CFO, changing Prateek Aggarwal, who has stepped right down to pursue alternatives exterior the corporate, Mphasis has employed Aravind Viswanathan from Tanla Platforms after Manish Dugar lately resigned from his place.
Shriram Subramanian, founder and managing director of the proxy advisory agency InGovern Analysis Companies, identified that solely appointments of government administrators, and never CFOs, are put to shareholder approval. “Nevertheless, companies are keen to pay greater compensation for CFO roles as many of those firms have doubled in dimension prior to now 5 years,” he stated.
