IT services firm Mindtree has appointed L&T chief AM Naik as non-executive Chairman. This marks the end of the journey for the Co-Founders Rostow Ravanan, Krishnakumar Natarajan and NS Parthasarathy, who have resigned as key management personnel CEO, Chairman and COO, respectively and also as board members in the company effective July 17. They would be staying on during the transition period.
The co-founders resigned soon after L&T become the official promoter of the company with 60.6 percent stake last month. In addition, three new board members from L&T were appointed in the board as non-executive directors.
SN Subrahmanyan, CEO, L&T, has been appointed as the non-executive director. The other non-executive members include Jayant Damodar Patil, whole-time director in L&T and Senior Executive Vice President for L&T's Defence Business and Ramamurthi Shankar Raman, whole-time director and chief financial officer in L&T.
Mindtree also gave its employees a one-time special reward, which cut into the company’s margins. According to media reports, the payout on the occasion of Mindtree’s 20th anniversary is an opportunity to recognize every Mindtree Mind’s commitment and contribution to the growth journey.
Image source: R. Rajesh ( Hindu)