Why has Kyndryl's Chief Finance Officer Stepped Down?

Enterprise technology company Kyndryl has announced that CFO David Wyshner and general counsel Edward Sebold have stepped down from their roles effective  immediately. 

David leaves the role after four and a half years with Kyndryl, one of the world’s largest IT infrastructure services providers. 

The company’s stock fell a record 55% to close at its lowest level since December 2022 on the news. 

On the same day, Kyndryl announced that the filing of its quarterly earnings report will be delayed and that an accounting review has been launched over potential weaknesses found in its internal controls. 

According to Reuters, the company said the weaknesses span multiple periods, including its fiscal year ended March 2025 and the first two quarters of fiscal 2026. 

Harsh Chugh has been named interim CFO effective immediately, while Mark Ringes has been named interim general counsel and Bhavna Doegar has been named interim corporate controller. 

Delayed filing announcement

Kyndryl’s 10-Q filing for the quarter ended December 31 will be delayed as its audit committee carries out a review of its cash management practices. 

The company needs additional time for the audit committee to complete its review, it said in its notice of delayed filing. 

Kyndryl said it received a voluntary documents review from the US Securities and Exchange Commission’s division of enforcement. 

The review includes examining disclosures related to drivers of its adjusted free cash flow metric and “the efficacy of the Company’s internal control over financial reports, and certain other matters following the Company’s receipt of voluntary document requests from the Division of Enforcement of the Securities and Exchange Commission relating to such matters”, said the company in its filing. 

Kyndryl is cooperating with the SEC.

In a 9 February press release on its third quarter fiscal 2026 results, Kyndryl Chairman and Chief Executive Officer Martin Schroeter said: "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.

He added: “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."

Leadership reshuffle

David Wyshner was the founding Chief Financial Officer of Kyndryl, joining in 2021 to lead its financial separation from IBM. 

During his tenure, he oversaw the company’s transition to an independent entity, including the implementation of new ERP systems and the establishment of strategic alliances with major cloud providers. 

Previously, David served as CFO of XPO Logistics and Wyndham Hotels & Resorts, where he managed the spin-off from Wyndham Worldwide. He also spent over a decade at Avis Budget Group as President and CFO. 

Following David’s departure, Harsh Chugh has been appointed as interim Chief Financial Officer with immediate effect. 

Harsh previously served as Kyndryl’s Chief Operating Officer from the company’s 2021 spin-off until January 2026, when he transitioned to Global Head of Practices, Corporate Development, and Administration.

Before Kyndryl, Harsh was CFO of PlanSource and spent 17 years at IBM in various financial and operational leadership roles.

According to a Reuters report, Kyndryl has declined to comment as to whether the changes in leadership are linked to the review of its financial reporting. 

Reuters said that the company does not expect impact to its balance sheets, statements of cash flows or equity statements.