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LTIMindtree’s former president Venugopal Lambu appointed as CEO
- Venugopal Lambu will replace Debashis Chatterjee, whose term as LTIMindtree CEO ends in November this year
IT services provider LTIMindtree said on Friday that former president Venugopal Lambu would be the new Chief Executive Officer (CEO).
He will replace Debashis Chatterjee, whose term ends in November this year.
Lambu will join as CEO designate with immediate effect and is appointed for a five-year term, LTIMindtree said in a statement.
He will be based in London.
He was president of LTIMindtree's global markets business for three years until 2023 before leaving to join the tech arm of staffing giant Randstad.
Debashis took over the reins of LTIMindtree in November 2022 after the merger of Larsen & Toubro firms L&T Infotech and Mindtree.
LTIMindtree had also considered Chief Operating Officer Nachiket Deshpande and President Sudhir Chaturvedi for the CEO role. Chaturvedi quit the company earlier this week.
LTIMindtree Q3 earnings
For third quarter of fiscal year 2025, LTIMindtree reported revenue above estimates, helped by the execution of large deals won in previous quarters.
The country's sixth-largest IT firm reported a 7.1% on-year rise in consolidated revenue at ₹9,661 crore in the three months ended December 31.
The company's banking and financial services segment grew 7.5% on-year, on the back of the execution of deals from clients such as Nexi Group and South Africa-based Absa Bank over the last few months.
Meanwhile, Debashis Chatterjee had told analysts on a call that political and economic uncertainties persist, and "predicting spends trending with certainty is challenging" with a new US government and potential policy changes.
The compamy earns nearly 75% of its revenue from the North America market.
The company reported a 7.1% decline in profit to ₹1,085 crore, as employee-related expenses rose 11%.
LTIMindtree rolled out wage hikes from October 1, which also impacted its operating margin, Chatterjee had said.
Its deal wins rose to $1.68 billion from $1.3 billion in the previous quarter and $1.5 billion in the year-ago period, and largely comprised of cost takeout and vendor consolidation deals.
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First Published:24 Jan 2025, 06:26 PM IST
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