Kyndryl, a spin-off from IBM, saw its shares decline 39% in premarket trading following the departure of its CFO amid an accounting review.
The company announced several leadership changes today, including the immediate departure of its finance chief, David Wyshner, and the resignation of Vineet Khurana as global controller (the company’s chief accountant). Harsh Chugh has been named interim CFO, and Bhavna Doegar as interim corporate controller. Mark Ringes has been named interim General Counsel.
The company also released its third-quarter financial results for fiscal year 2026 today, following a delay due to the accounting review. For the third quarter, Kyndryl reported revenues of $3.9 billion, up 3% year-over-year.
In the third quarter, as part of Kyndryl’s Alliances initiative, the Company generated $500 million in revenue from hyperscaler alliances, a 58% year-over-year increase, and is on track to exceed its initial hyperscaler revenue target of $1.8 billion for fiscal 2026.
Kyndryl Chairman and Chief Executive Officer Martin Schroeter, told investors, “In the third quarter, we drove growth in Kyndryl Consult and through our alliances with hyperscalers and other leading technology providers. Our signings continue to reflect the vital role we play in the operation of customers’ technology estates, our deep expertise in mission-critical services and our innovation in AI, cloud and security.”
“We are operating with a clear strategic mindset. We remain focused on delivering our multi-year objectives, driving profitable growth and most importantly providing innovative and world-class services for our customers.”
By CEO NA Editorial Staff
