In a strategic move to fortify its financial stewardship and position itself for continued growth, Persistent Systems (BSE & NSE: PERSISTENT) has recently disclosed key changes in its senior management team where Vinit Teredesai would join the company’s leadership team as the Chief Financial Officer (CFO). Teredesai has more than 28 years in the field of finance and has been serving Godrej for the past several years and will be the successor of Sunil Sapre who is set to retire this year after being associated with the company for a long time.
Teredesai’s appointment comes at a contentious moment for Persistent Systems – the company now sees itself eyeing a growth trajectory of $2 billion (about $6 per person in the US). His many years of experience in financial and management reporting, internal audit, taxation, funds mobilization, asset and liability management, mergers and acquisitions, and corporate restructuring makes him particularly suitable for the post of complementing the leadership of the organization from a financial standpoint.
Before joining Persistent Systems Ltd., he was the Executive Director & CFO for LTIMindtree Limited and held a similar position at Mindtree Limited. He has also been the CFO and CIO (Chief Information Officer) of KPIT Technologies Limited, or the Knowledge Partner of Indian Institute of Technology, or IIT, further establishing his identity with technology. Finally, Teredesai is also a Chartered Accountant, Cost and Management Accountant and a CPA certificate holder in the United States of America which shows he possesses various types of financial skills.
“It’s my pleasure to welcome Vinit to the Persistent team,” said Sandeep Kalra, Chief Executive Officer and Executive Director at Persistent. “Vinit’s rich industry experience and expertise in the finance domain will be a valuable addition to the executive team in the next orbit of our growth journey to $2 billion in revenue and beyond, while ensuring the creation of enhanced stakeholder value.”
This appointment has been made at a time when Persistent Systems is parting ways with its current and erstwhile CFO, Sunil Sapre, who has been associated with the company for the last nine years. Sapre was heavily involved in the strategic direction of the company’s finances and remains a member of the executive board to this date, though he is set to retire later this year.
“I am very happy to welcome Vinit and wish him the best as he steps in as the next CFO of the company,” said Sunil Sapre. “I will be working closely with him to ensure a smooth transition. I would like to express my deepest gratitude to our board for the trust placed in me, and for their support and guidance throughout my tenure as CFO.”
Teredesai’s appointment is in synergy with Persistent Systems’ strategy of continuously expanding its base of financial strength while keeping the governance structure sound and healthy. Teredesai has shown aptitude in identifying and delivering value in the IT space and his experience should help him lead the company forward during the next phase of its evolution, while maintaining a focus on financial returns and shareholders’ wealth maximization.
Given the dynamic and highly competitive nature of technology solutions, it is critical for Persistent Systems to have a financial chief who has been in the profession for quite some time. Hiring Teredesai as the company’s CFO will be most beneficial when it comes to evaluating and recommending strategic directions, as well as new and profitable avenues for development and other enhancements of the company’s financial operations.
From the foregoing, it can be concluded that with his appointment and the continued support of the other senior management officials in the company, Persistent Systems is well placed to realize on the new growth opportunities in the global market and further strengthen its growing status as a key provider of software services.