One of the most notable moves was the transition of Jatin Dalal from Wipro to Cognizant. Dalal, who served as Wipro’s CFO till November last year, succeeded Jan Siegmund at Cognizant after Siegmund’s retirement. Wipro initially demanded Rs 25 crore from Dalal for breaching his contract by joining Cognizant immediately. However, Cognizant settled the dispute by paying Rs 4 crore to Dalal, thereby ending the lawsuit and the related arbitration with Wipro.
In response to Dalal’s departure, Wipro promoted Aparna Iyer, a company veteran since 2003, to the position of Chief Financial Officer. Iyer has extensive experience in various leadership roles, including internal audit, corporate finance, corporate treasury and investor relations.
LTIMindtree, another major player in the sector, has appointed Vipul Chandra as its new CFO. Chandra was previously managing treasury at parent company Larsen & Toubro. Meanwhile, former LTIMindtree CFO Vinit Teredesai has taken over as CFO at Persistent Systems, further reflecting the fluidity of top financial talent in the industry.
Legal experts, including Vikram Shroff of AZB, told TOI that while non-compete clauses are commonly included in employment contracts, particularly in the tech sector, they are difficult to enforce in India. These clauses are meant to protect company and customer information from being used against the company’s interests by employees who leave the company.
Mohandas Pai, former CFO of Infosys, said that promoting internal candidates to CFO positions indicates strong internal talent and a well-planned succession strategy. However, when companies bring in external candidates for senior finance positions, it may suggest that there is a perceived gap in internal talent.
HCLTech has also seen a recent change in its CFO: Shiv Walia was promoted to replace Prateek Aggarwal, who left to explore opportunities outside the company. Additionally, Mphasis appointed Aravind Viswanathan of Tanla Platforms as its new CFO after Manish Dugar resigned.
Shriram Subramanian, founder and CEO of InGovern Research Services, noted that while CFO appointments do not require shareholder approval, companies are increasingly willing to offer higher compensation for these roles, reflecting the growing importance of financial leadership as these companies expand rapidly.
The rapid succession of CFO turnover in India’s IT sector indicates a dynamic and competitive environment where top financial talent is in high demand. As businesses continue to grow and evolve, the CFO’s role becomes even more critical in guiding them through new challenges and opportunities.
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