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The CFO is a key player who manages the financial activities as well as draws the plan for the coming years for any organization. Any change, be it a new appointment or a voluntary resignation, makes news because it signals a major turnaround in that particular organization.
Every year a new CFO comes in or an old one leaves and is in the headlines for days. In a row, 2022 has seen some controversial and previously unprecedented CFO resignations that have remained popular in the industry.
From fashion to aviation, ETCFO brings you a list of the top five resignations that have stayed in the news for a long time, some of which are likely to have repercussions well into 2023.
Nick’s bonus problem
The resignation of Nikaa Group CFO Arvind Agarwal was a major news item. His exit was followed by the controversial issue of the company’s bonus and became a widely debated topic in the CFO community.
This whole episode of the bonus issue, which culminated in the departure of the CFO, puts Nikao under increased public scrutiny.
While Niko informed the stock market that the CFO was stepping down in November to pursue other opportunities in the digital economy and start-up space, the CFO community believes there’s a good chance there’s more to it.
SpiceJet CFO exits amid mounting losses
SpiceJet CFO Sanjeev Taneja has resigned from SpiceJet at a time when the company has reported mounting losses and a series of mid-air incidents.
SpiceJet reported a loss of Rs 789 crore for the quarter ended June 30. His resignation took effect on August 31, 2022. The company also registered a loss of Rs 485 crore for the quarter ended March.
Later, SpiceJet appointed Ashish Kumar as the company’s Chief Financial Officer (CFO) from September 9.
The CFO’s resignation amid mounting losses has raised several questions about the leadership team.
The CFO of Ziling resigned within 2 months
The resignation of CFO Ramesh Bafna from Ziling within two months of joining the company made significant headlines.
The issue became more controversial when several reports claimed that Zilingo was unable to pay salaries beyond March 2022 and that Bafna was involved in an audit of alleged financial irregularities.
Bafna transferred from the Singapore-based company in May 2022 and joined as CFO in March.
In June, Indian crypto platform CoinSwitch appointed Ramesh Bafna as CFO.
CFO of crypto lender Voyager
Crypto lender Voyager’s CFO Ashwin Prithipol made headlines after resigning from the company within five months of being appointed. The case became more interesting because his release in September came immediately after the company’s bankruptcy filing in July.
The decision of a CFO to join a company that was close to bankruptcy and then leave within a few months was not easy for the financial community to digest.
Food delivery app Zomato’s Deputy CFO
Food delivery app Zomato’s deputy CFO Nitin Savara resigned from his post in September. Savara’s decision to step down as Deputy CFO within a few months came into the limelight as he quit Zomato to pursue his entrepreneurial dreams.
Savara joined Zomato in November 2021 and played an important role in the acquisition of e-commerce startup Blinkit for Rs 4,447 crore.
CEO Deepdiner Goyal’s letter mentioning “Nitin Savara loves Zomato, as much as I do Akshant (Goyal – CFO”) has gone viral on various networking platforms.
The list of India Inc’s biggest resignations also includes names like Vidhia Srinivasan CFO Bata India, Rashmi Mohanty Clik India, Mihir Modi CFO Sterlite Technologies, Anurag Bhagania CFO SKF India, Kaleeswaran Arunachalam CFO Eicher Motors, SBI Card Negi CFO.
who are leaving their jobs for better opportunities outside their organizations, while there are top CFOs like Tech Mahindra’s Milind Kulkarni who is retiring in 2022.
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