Mindtree's Founders Resign as L&T Takes Over the Company
Three of the co-founders of the Bengaluru-based IT Services, Mindtree have stepped down from its board and executive roles. Krishnakumar Natarajan (Executive Chairman), N S Parthasarathy (Executive Vice Chairman & Chief Operating Officer) and Rostow Ravanan (CEO and Managing Director) will be staying as Board Members till July 17th 2019 to ensure employees in line have smooth transition. Along with this, the founders of the company have asked to de-classify them as promoters under applicable laws. In regards to their resignations, the company will announce a new leadership team in due course.
"Mindtree has delivered exceptional performance for all our stakeholders over the last 2 decades through our differentiated strategy and unique culture. 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, said Krishnakumar Natarajan, Executive Chairman, Mindtree.
The company will be controlled by major engineering heavyweights Larsen & Toubro (L&T). It was on July 3, that Mindtree was acquired by L&T with 60.06 percent of the total shareholding and labeled them as the promoter of the IT firm. Mindtrees board will now wait for shareholders approval to introduce five new members to the board. The non-executive directors S.N. Subrahmanyan (CEO & MD of L&T), Shankar Raman (CFO, L&T) and Jayant Patil (Senior VP, L&T's defence business), and additional independent directors, Prasanna Rangacharya Mysore and Deepa Wadhwa, will be joining the Board of Mindtree.
Founded in 1999, Mindtree is often considered as one of the best places to work on. Its Mindtree Minds defined that winning culture in the company with its commitment towards excellence, innovation and co-creation. Mindtree employs almost 20,200 employees with annual revenue of $1 billion and it has its presence in 17 countries as well.
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