Mindtree co-founders resign from board as L&T takes control
Bengaluru (Karnataka) [India], July 6 (ANI): Three co-founders of IT major Mindtree have resigned after the company was acquired by engineering giant Larsen & Toubro.
ANI
Jul 06, 2019 10:46 IST
Bengaluru (Karnataka) [India], July 6 (ANI): Three co-founders of IT major Mindtree have resigned after the company was acquired by engineering giant Larsen & Toubro.
Executive Chairman Krishnakumar Natarajan, Executive Vice Chairman and Chief Operating Officer N S Parthasarathy, and Managing Director and Chief Executive Officer Rostow Ravanan submitted their resignations as board members as well as employees of the company.
Earlier, Subroto Bagchi, another co-founder of Mindtree, had opted out of his re-appointment on the board.
"They will stay as board members till July 17 and as employees in line with their employment contracts to ensure a smooth transition," Mindtree said in a statement late on Friday.
The founders have also asked the firm to declassify them as promoters. The company will announce a new leadership team in due course, it added.
"Mindtree has delivered exceptional performance for all our stakeholders over the last two decades through our differentiated strategy and unique culture," said Natarajan in his outgoing message.
"We are grateful to all our customers, Mindtree Minds and external stakeholders for their steadfast support throughout our journey. We wish the new leadership team at Mindtree the very best."
On Wednesday, L&T was categorised as a promoter of the IT major after the acquisition of a 60.06 per cent stake in the company.
Earlier, the Mindtree board approved the appointment of L&T nominees to the board -- the infrastructure major's Chief Executive Officer and Managing Director S N Subrahmanyan and Chief Financial Officer Ramamurthi Shankar Raman.
Mindtree was founded by 10 IT professionals in 1999 and became the fastest IT services company to cross 100 million dollars in annual revenues during the sixth year of its operations.
The company's initial public offering (IPO) was oversubscribed more than 100 times in 2007. It crossed the one billion revenue mark in 2018-19.
Mindtree's offerings to its customers include application development and maintenance, infrastructure management services, independent testing, package implementation, consulting and IP products related solutions.
(ANI)
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