Tech firm Mindtree stated that CFO Pradip Kumar Menon has resigned from his post. The company said Menon will be relieved from the services on November 15.
In a regulatory filing, Mindtree stated, “Pradip Kumar Menon has tendered his resignation as the Chief Financial Officer of the company as he would be pursuing career opportunities outside the company. Pradip Kumar Menon will be relieved from the services of the Company from the close of business hours on November 15,2019.”
Meanwhile, in a separate filing, the company said it has appointed Vedavalli S, Company Secretary as Compliance Officer under the Code of Conduct for Prevention of Insider Trading in Mindtree Securities.
Menon had joined the firm in September 2018 and played a key role in overseeing L&T’s acquisition of a 60% stake in Mindtree. Before joining Mindtree, he was CFO and a whole-time director at AkzoNobel in India. He has also worked with Unilever for more than 20 years.
Menon's exit comes after a little over a year and is the latest exit at the IT services firm after its hostile takeover by Larsen & Toubro Ltd (L&T) in June. Since then, there have been at least six top-level exits at the Bengaluru-based firm, including those of co-founders and vice-presidents (VPs). These include Kamran Ozair, executive VP and a co-founder, who left soon after Mindtree’s founders Krishnakumar Natarajan, Parthasarathy N.S., and Rostow Ravanan resigned in July. In August, Gaurav Johri, Senior VP of corporate strategy and planning also left the tech firm to start his entrepreneurial venture.
In July, the firm had roped in Cognizant’s former CEO Debashis Chatterjee as its Chief Executive Officer. L&T's takeover of Mindtree is said to be India's first-ever hostile takeover in the IT space. And given the exits that keep on coming, it seems things are still in the settling phase for the IT firm.