Wave of CFO exits hits India Inc; Over 100 departures in H1 FY2026

Over 100 CFOs of listed Indian companies stepped down in H1 FY2026 (1 April–30 September). Parag Parikh, CFO of Adani Total Gas, is the latest departure. The company said he plans to pursue external opportunities. Most CFOs who resigned in H1 FY26 cited personal reasons, health concerns, or the pursuit of other opportunities.

Some high-profile exits include Chintan Thakkar (Info Edge), Yogesh Sirohi (PwC India), Maithilee Mistry (Sanofi Consumer Healthcare), Nilanjan Roy (Infosys), Arnav Jain (Bector Food Specialities), Upma Goel (Piramal Enterprises), and Himanshu Mody (Suzlon Energy), among others.

Experts warn that such frequent exits in key managerial positions (KMPs) often mask deeper problems, such as financial irregularities, which typically surface weeks later and leave investors in turmoil.

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"Gensol Engineering is a classic example. CFO Jabrimahendi Aga resigned in May after the company came under scrutiny by the Ministry of Corporate Affairs and Sebi over multiple discrepancies," said one expert.

According to Ishwa Consulting, average CFO tenure has been declining year-on-year since 2020. In high-growth sectors such as fintech and technology, tenure has dropped from 3-4 years to roughly 2 years.

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"Expectations mismatches, scope creep, and unclear decision rights are the main reasons why CFOs resign," said Arvind Pandit, founder and managing partner at Ishwa Consulting. He said that around 15-20% CFOs are hired specifically for IPO preparedness. But when IPOs are delayed or cancelled, more than half of these CFOs exit due to shifting mandates or incentives.

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For instance, in June this year, Marc Mathenz of IPO-bound Pine Labs stepped down after just three years at the merchant commerce platform.

Ola’s parent, ANI Technologies, lost its CFO, Karthik Gupta, just seven months into the role--months before the company's IPO launched in August 2024.

Amic Forging, which went public in 2023, also announced the resignation of its CFO, Anshul Chamaria, whose last working day will be 31 October 2025.

Founder-led companies have experienced significantly higher CFO turnover due to ambiguous mandates and decision-making challenges. Institutional or PE-led firms, with clearer governance structures, tend to have comparatively longer CFO retention, according to Pandit. Storyboard18's analysis reveals that in nearly half of the CFO resignations in H1 FY26, promoters held a stake of over 55%, while in 14.67% of cases, the promoter shareholding exceeded 70%.

Meanwhile, internally promoted CFOs tend to stay longer--often 3-plus years--due to stronger cultural alignment and existing relationships. Externally hired CFOs, by contrast, face a higher risk of churn, especially when onboarding is weak. According to Pandit, ultimately, the CFO retention challenge primarily stems from unclear mandates, shifting expectations, and evolving roles. Companies that set clear expectations, provide structured onboarding, and develop internal talent are better positioned to retain CFOs and ensure organizational stability.

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