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AM Naik appointed non-executive chairman at Mindtree

The induction of AM Naik as the chairman effectively marks the new beginning for Mindtree and end of hostile takeover over that played out since March 2019.

July 17, 2019 / 08:57 PM IST
 
 
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L&T patriarch AM Naik has been appointed the non-executive chairman of Mindtree effective July 18, 2019.

In a BSE filing, Mindtree said, “The Nomination and Remuneration Committee and the Board of Directors of the Company at their meeting held on July 17, 2019 (today), have appointed Mr Anilkumar Manibhai Naik as the Non-Executive Chairman of the Company with effect from July 18, 2019.”

The induction of AM Naik as the chairman marks the new beginning for Mindtree and end of the hostile takeover bid that played out since March 2019.

It also 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.

The new leadership is yet to be announced. The three names in the running are former Cognizant President Rajeev Mehta, Debashis Chatterjee, a former senior executive of Cognizant Technology Solutions and former Mindtree CEO Anjan Lahiri, reports suggest.

Moneycontrol News
first published: Jul 17, 2019 08:57 pm

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