L&T had acquired control of Mindtree and has been categorised as a promoter
Former Mindtree CEO Rostow Ravanan had quit this month after L&T's takeover
Cognizant executive Debashis Chatterjee will take over as Mindtree CEO from August 1, news channel CNBC TV18 reported, citing sources. Chatterjee had joined Cognizant in 1996 and has held several key management positions. In a LinkedIn post, he said that his over-two-decade stint with Cognizant ends today. In his latest role, he held the position of executive vice president and president, global delivery, at Cognizant. Chatterjee holds a Bachelor’s in Engineering degree in Mechanical Engineering, from Jadavpur University.
Mindtree’s former top executives - Chief Executive Officer Rostow Ravanan, Chairman Krishnakumar Natarajan and Vice Chairman Parthasarathy NS – had earlier quit this month after L&T’s takeover of the mid-tier IT company. Subroto Bagchi, one of the key founding members of Mindtree, also chose to retire from the board of the company with effect from 17 July.
Mindtree had earlier announced that L&T had acquired control of the company and had been categorised as a promoter with 60.06% stake in the company.
L&T's takeover of Mindtree marked India's first-ever hostile takeover in the IT space. The infrastructure giant had bought 20.32% shares in Mindtree from Coffee Day Enterprises founder VG Siddhartha for over ₹3,000 crore in March. Later, it shored up its holding with more share purchases from the open market before making an open offer for an additional 31% stake.