BYJU’S, the educational technology company, has announced that its Chief Financial Officer, Ajay Goel, has resigned from his position after completing the audit process for the financial year 2022. Goel will be returning to Vedanta, according to a statement from the company.
As a result of Goel’s departure, BYJU’S has appointed industry veteran Pradip Kanakia as senior advisor. Additionally, Nitin Golani, the President of Finance, has been given the added responsibility of India Chief Finance Officer (CFO) to manage the company’s financial functions.
Expressing his gratitude, Goel said, “I thank the founders and colleagues at BYJU’S for their assistance in completing the FY’22 audit in just three months. I appreciate the support I received during my short but impactful time at BYJU’S.”
Goel will transition after fulfilling the necessary formalities of the financial year audit, as stated in the company’s announcement. However, the company is still awaiting certain approvals to file its long-pending financial results for FY2022.
Vedanta, in a stock exchange filing, revealed that Goel has been appointed CFO of the company, effective from October 30, 2023. Vedanta referred to Goel’s return as part of their structured re-hiring program called ‘Gharwapsi.’
Prior to joining BYJU’S, Goel had previously worked at Vedanta but left earlier this year to join the education startup. It was also announced that Shrivastava resigned as the CFO of Vedanta due to personal reasons.
Describing Goel’s impressive credentials, Vedanta stated, “Goel is a national rank holder as both a Chartered Accountant and Company Secretary. He brings extensive experience from global multinational companies such as General Electric, Nestle, Coca Cola, and Diageo – USL, where he served in various leadership roles.”
During his previous tenure at Vedanta, from October 23, 2021, to April 9, 2023, Goel played a significant role in driving business performance, managing financial affairs, and leading the finance function. He also successfully handled regulatory approvals, investment matters, capital allocation, investor relations, and major M&A-related affairs.
Goel’s departure from BYJU’S comes at a critical time for the company, as it is yet to file its results for the 2021-22 financial year. Additionally, BYJU’S is facing challenges with lenders over a billion-dollar loan and is seeking fresh capital to sustain its operations.
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