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Mindtree CEO, two founders quit after L&T completes takeover

By Narinder Kapur

  • 05 Jul 2019
Mindtree CEO, two founders quit after L&T completes takeover
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.

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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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