A week after engineering major Larsen and Toubro (L&T) took control of Mindtree, the IT firm has announced that its founders Krishnakumar Natarajan, N S Parthasarathy, and Rostow Ravanan have quit from the company’s board and executive roles following a hostile takeover by engineering major.
“…at the board meeting held on July 5, 2019, Krishnakumar Natarajan (Executive Chairman), Parthasarathy NS (Executive Vice Chairman and Chief Operating Officer) and Rostow Ravanan (CEO and Managing Director) have submitted their resignations as members of the board of directors of Mindtree and as employees of the company,” IT firm, Mindtree said in a company filing to Bombay Stock Exchange.
The filing added that to ensure a smooth transition, these officials will stay as board members till July 17, 2019, and as employees in line with their employment contracts.
L&T received promoter status on Wednesday in the mid-tier IT services firm as the company increased its stake to 60.06 percent. L&T secured 51 percent stake in the company about a week ago after key institutional investor Nalanda Capital offloaded the entire 10.6 percent stake and other significant investors sold their stakes in the open offer after it picked up a 20.32 percent stake from Cafe Coffee Day owner VG Siddhartha.
Mindtree said it would announce a new leadership team in due course.