IT company Mindtree has appointed Devashish Chatterjee as the new CEO and MD. He has been initiated into Board of Mindtree Ltd with an order to lead the firm into its next stage of growth,” Mindtree said in a statement. Chatterjee was previously President (Global Delivery) at the American IT company Cognizant. On July 5, the post of CEO fell vacant following the resignation of Rostow Ravanan. Ravanan was against the acquisition of Mindtree by Larsen & Toubro hence he resigned the company. While Chatterjee is taking on the position of CEO, Mindtree has also designated L&T’s Chief Executive Officer and Managing Director S N Subrahmanyan as its non-executive vice-chairman.
The company has said in its statement that Devashish has been included on the board of Mindtree Limited to take the company to the next stage of development. Mindtree said in regulatory information that both appointments have come into effect from 2nd August. The acquisition of Mindtree by L&T is the first Hostile acquisition in India’s IT sector. Hostile because L&T had bought shares from the company directly from shareholders and the open market.
In March 2019, infrastructure giant L&T bought a 20.32 percent stake in Mindtree from VG Siddharth and his company Coffee Day Enterprises for Rs 3,000 crore. L&T bought more shares of Mindtree from the open market before making an open offer to buy an additional 31 percent stake. At present, L & T has a 60 percent stake in MindTree. In July, the company added three executives Subramanian, Jayant Damodar and Ramamurthy Shankar Raman to Mindtree’s board. The company’s stock was up to 1.74 percent, the company’s stock was trading at Rs 704 in the past few days.
Chairman of Larsen & Toubro (L & T) Group A M. Nayak said in a statement that Chatterjee’s diverse experience and customer-centric approach will take MindTree to the next level of development and create value for all the shareholders. L&T is a Mumbai-based parent firm of Mindtree. In the global software giant Cognizant, Chatterjee played various leadership roles for 22 years in US, including banking and financial services, with the management of various delivery operations, innovation, and leadership of next-generation services.