Byju’s CFO Ajay Goel resigns, heads back to Vedanta

He was the acting CFO at Vedanta from October 23, 2021, until April 9, 2023.

In a surprising twist, Ajay Goel, who donned the role of Chief Financial Officer (CFO) at Byju’s just six months ago, has now chosen to step down from the edtech giant, making a return to the fold of Vedanta Ltd., where transformational changes are currently underway.

In a strategic move, Vedanta’s board, in alignment with the recommendations of the Audit and Risk Management Committee, as well as the Nomination and Remuneration Committee, has extended a warm welcome back to Goel. He will reassume his pivotal role as CFO, effective from October 30, 2023, marking a significant development in the company’s structured re-hiring initiative dubbed ‘Gharwapsi’.

Vedanta, in stock exchange filing said, “as part of Vedanta’s structured re-hiring programme called ‘Gharwapsi’, Mr. Ajay Goel joins back the company.”

In the same filing, Vedanta, helmed by the visionary Anil Agarwal, revealed that Sonal Shrivastava, their CFO, has decided to bid farewell as of October 24, 2023, citing personal reasons for her departure.

Goel has previously worked with globally renowned multinational corporations, including the likes of General Electric, Nestle, Coca Cola, and Diageo USL, where he held prominent leadership positions. He previously graced Vedanta as the acting CFO from October 23, 2021, until April 9, 2023, bringing with him a wealth of knowledge and expertise.

Vedanta Resources Ltd. faces about $3 billion of bond repayments in the next two years. The group has been engaging with bondholders on a potential restructuring of terms for the upcoming maturities. Last month, it approved a plan to split itself into six listed companies.

On the other hand, Byju’s, not one to stay static, has responded swiftly by enlisting the expertise of industry stalwart Pradip Kanakia as their Senior Advisor. Meanwhile, Nitin Golani, the President of Finance, will shoulder the additional responsibility of being the Chief Finance Officer (CFO) for India, tasked with the intricate financial orchestration of the company’s future.