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Mindtree CEO, two founders quit after L&T completes takeover
Photo Credit: VCCircle

Mindtree Ltd said on Friday that chief executive officer Rostow Ravanan and founders Krishnakumar Natarajan and NS Parthasarathy will be leaving the IT services firm.

In a stock-exchange filing, Mindtree said that the trio had submitted their resignations as board directors and had also asked to be de-classified as promoters under applicable laws.

The development comes days after engineering giant Larsen & Toubro completed the first hostile takeover in India’s IT services segment following an open offer. It acquired Mindtree shares from large shareholders including private equity firm Nalanda Capital.

While Natarajan holds the post of executive chairman, Parthasarathy is Mindtree’s executive vice-chairman and chief operating officer. Along with Ravanan, they will stay on as members of the board till July 17, Mindtree added.

Mindtree said that it would announce a new leadership team “in due course”.

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