MindTree co-founder chairman quits
January 29th, 2011 - 12:10 am ICT by IANSBangalore, Jan 28 (IANS) Leading IT consultancy and product engineering services firm MindTree Ltd co-founder Ashok Soota Friday resigned as the chairman and the member of the board here.In a regulatory filing, the city-based company said Soota had requested the board to release him as an employee and executive chairman from March 31, 2011.
“The decision to resign was for personal reasons. It is something I have thought about for a few months and arrived at a well-considered conclusion. I will finalise and announce my plans for a new business venture soon after my departure from the company,” Soota said in a statement here.
Soota, a former senior executive with IT bellwether Wipro Ltd, co-founded MindTree in 1999 with nine other co-founders and led it from the start.
“We can take justifiable pride in creating an organisation with the highest standards of corporate governance, a great place to work, an admired knowledge enterprise and high levels of customer satisfaction,” Soota said.
As the company has Krishna Kumar Natarajan as a full-time chief executive officer, transition will not be an issue.
“MindTree leaders are persons of finest financial integrity and I am confident of their ability to achieve the company’s goals,” Soota added.
The mid-size listed firm posted a net profit of Rs.305 million (Rs.30.5 crore) for third quarter (Oct-Dec) this fiscal (2010-11), a decline of 43 percent year-on-year (YoY) from Rs.233 million though 31 percent higher sequentially from second quarter (July-Sept).
Revenue, however, grew 16 percent YoY to Rs.3.85 billion (Rs.385 crore), but remained flat sequentially with a marginal decline of 0.1 percent.
- Huge forex loss hits MindTree net in fiscal 2010-11 - Apr 21, 2011
- Outgoing Soota not to divest MindTree stake for now - Mar 25, 2011
- MindTree net dips 43 percent yearly, recovers sequentially - Jan 18, 2011
- MindTree net dips 40 percent yearly, recovers sequentially (Lead) - Jan 18, 2011
- MindTree net plunges 53 percent in fiscal 2010-11 - Apr 21, 2011
- German executive Albert Hieronimus new MindTree chairman - Apr 01, 2011
- Infosys bets on double-digit growth again; beats guidance (Lead) - Apr 15, 2011
- MindTree net zooms 135 percent in second quarter - Oct 17, 2011
- MindTree foermer co-founder floats new IT venture - Apr 05, 2011
- MindTree elevates co-founder Subroto Bagchi as chairman - Feb 29, 2012
- MindTree net dips 72 percent in first quarter - Jul 19, 2010
- Biocon net marginally down in fiscal 2012 - Apr 27, 2012
- Infosys beats guidance but stock dips on muted earnings - Jul 12, 2011
- Infosys beats guidance, revises outlook again - Oct 12, 2011
- Infosys ups guidance for fiscal 2011 on strong growth - Oct 15, 2010
Tags: bellwether, business venture, chief executive officer, corporate governance, crore, customer satisfaction, executive chairman, financial integrity, founder chairman, justifiable pride, knowledge enterprise, krishna kumar, mindtree, natarajan, oct dec, officer transition, personal reasons, product engineering, wipro ltd, yoy