Info Edge shares fall 1% after CFO resigns
What's the story
Info Edge's Chief Financial Officer (CFO), Chintan Thakkar, has resigned from his position after a 12-year tenure. The company's shares fell by nearly 1% in early trading on August 20 following the announcement. Thakkar will be relieved of his duties on or before November 19 to pursue another career opportunity in a different field.
Transition plan
Interim CFO appointed
Following Thakkar's resignation, Info Edge's board of directors has appointed Ambarish Raghuvanshi as the interim CFO and key managerial personnel. He will take over from November 20 until a new CFO is appointed. Raghuvanshi had previously served as the company's CFO between 2001 and 2014. The company is currently in the process of finding a suitable successor for this position.
Acknowledgment
Board expresses gratitude
Info Edge has thanked Thakkar for his service as the company's CFO. "The Board of Directors places on record its sincere appreciation for Mr. Thakkar's invaluable contributions," it said in an exchange filing. It further added that during his tenure, he played a pivotal role in driving strategic initiatives such as capital market transactions, fundraising, and investor relations while upholding high standards of corporate governance and transparency in financial reporting.
Growth reflection
Thakkar's reflections and future plans
In his resignation letter, Thakkar reflected on Info Edge's journey from a small-cap to a large-cap company during his tenure. He noted that the company's AIFs and investment vehicles have backed over 100 promising tech and deep-tech start-ups. "I am confident that these investments will continue to create value for years to come," he wrote, adding that he will now transition into a career in investments as Group CEO of IAN Group and Senior Managing Partner at IAN Alpha Fund.