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IT shocker: Mindtree's Ashok Soota declares his resignation to all

By Swikriti Singh, SiliconIndia   |   Friday, 28 January 2011, 06:51 Hrs   |    4 Comments
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Bangalore: Ashok Soota, who co-founded MindTree in August 1999 along with nine other ex-Wipro professionals, has shocked the entire IT Industry by submitting his resignation today to the Board of Directors of Mindtree. He has boldly sent across an email about his resignation using his personal email address unlike others who approach Public Relation Firms to do so for them. This move of his clearly indicates the gratitude he has for the people who helped him become what he is now.

In his last mail as the Mindtree Chairman, Soota stated his request of being released as an employee and also as an Executive Chairman/Member of the Board by March 31, 2011. He has justified his sudden resignation to be totally due to personal reasons. About the plans of any new business venture, he is yet to finalize anything and after a short period of his departure from Mindtree, he will make his plans public.

Soota's leadership has helped Mindtree become a global entity with revenue of $300 million. Currently, the company has over 9000 people and offices in multiple cities of U.S., Europe and Asia. Soota had also led Wipro Infotech as a President from 1984-1999. His fruitful leadership and guidance had resulted in the revenue growth of Wipro's IT business from $2 million in 1984 to $500 million in 1999.

Soota's entire career graph has stood as an example of how ambition and hardwork go hand in hand. His career streak began in Shriram Group of Industries in the year 1965. His dedication and decision making skills, resulted him being the CEO of Shriram Refrigeration in 1978, a company which was unprofitable for four straight years. Soota facilitated a complete turnaround, making it profitable in his very first year and taking it to a position of leadership in each of its product lines.

Soota sets an example of a great leader and a father figure to the company officials. His decision to resign did take into consideration the transition stage Mindtree would undergo after his departure. Mindtree already has a CEO and MD and according to Ashok, the MindTree leaders are the people of finest financial integrity who are highly capable of achieving the company goals.

Soota's educational background includes a Bachelor of Engineering degree from Roorkee University (now IIT, Roorkee) and an MBA from the Asian Institute of Management, Philippines. He is a leader of the industry and for his contributions to Indian's IT Industry; he has been recognized twice as IT Man of the Year and also as Electronics Man of the Year.

There have already been enormous number of speculations in the market regarding Mindtree and Soota's resignation at this stage has just added more fuel to the burning fire.

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Posted by:ert - 09 Dec, 2011
2: Not so shocking! Mr Soota, along with the Patni brothers, are wise enough to have the foresight to see the "writing on the wall". Otherwise why should they move out of top performing companies? In today's IT Business world, unless you are a TCS with (all are approx figures) Rs 30,000 Crores or Infosys with 24,000 Crores annual revenues, Indian companies with 4000 Crores (Patni) or 2000 Crores (Mindtree) have no chance to stand up to the 21st century 2nd decade (2011-20) challenges from Apple with $ 70 billion x 5000 = Rs 350,000 Crores and Google $ 40 billion (Rs 200,000 Crores) when they set up shop in a big way in India. Small is no longer beautiful! So vacate as and when you get the best opportunity. iGate acquiring Patni is just to build up revenues to a respectful Rs 6000 Crores, when they can expect a buyer and they can make their exit. Below that no one is going to even look at them for acquisitions. Any IT Company under 500 Crores annual revenue will just sink like the small scale, 1 lathe machining companies in our industrial estates.
Posted by:Prof K S Narayanan - 30 Jan, 2011
3:
Thanks for numbers
Umashanker Akharia Replied to: Prof K S Narayanan - 31 Jan, 2011
4:
It may become true after 2015, but at this point of time, for the resignation of Mr. Ashok, entreprenuers think to accept.. coz, Ground reality He turned company income in a grt manner earlier... also in Non IT industry
Sunny Replied to: Prof K S Narayanan - 31 Jan, 2011
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