BackMphasis CFO Ganesh Murthy resigns
The company has named V. Suryanarayanan as its interim finance chief
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Bangalore: Mid-sized software services firm Mphasis Ltd has named V. Suryanarayanan as its interim finance chief, after chief financial officer (CFO) Ganesh Murthy resigned to pursue other opportunities, the Bangalore-based firm said.
Murthy’s resignation comes at a time when Mphasis, which counts Hewlett Packard Co. (HP) as its biggest customer, is struggling to expand its revenue from non-HP customer accounts amid declining orders from the parent company. HP currently owns about 60% in Mphasis.
“Ganesh Murthy has been a key leader and has been instrumental in enabling our successful transformation. While he is going to pursue other career opportunities, he will remain as our ambassador. I wish him the very best," Mphasis chief executive Ganesh Ayyar said in a statement.
Murthy first took over as CFO of Mphasis in July 2009 and has previously worked for companies like HP, Wipro Ltd, ITC Ltd and Texas Instruments.
Interim CFO Suryanarayanan joined Mphasis in 2009 after it acquired AIG System Solutions Pvt. Ltd, the captive unit of AIG Inc., where he served as CFO.
Mphasis, which has for some time been seen as an acquisition target for private equity firms, has over the years been trying to reduce its reliance on orders from HP. In April last year, HP said it might change its ownership in Mphasis, while other media reports also indicated that private equity firms such as Carlyle Group and Blackstone Group were lining up bids for HP’s stake in Mphasis.
HP acquired Mphasis in 2008 when it purchased the Bangalore-based company’s former parent Electronic Data Systems (EDS).
Mphasis shares were trading down nearly 2% at ₹ 395.70 at 11.44 am on the BSE on Friday.
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