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Mindtree appoints Cognizant's Debashis Chatterjee as new CEO

Debashis Chatterjee, appointed as the Mindtree CEO for a period of five years, is the first individual outside the 7-member founding team to hold the office

twitter-logoBusinessToday.In | August 2, 2019 | Updated 14:43 IST
Mindtree appoints Cognizant's Debashis Chatterjee as new CEO
Debashis Chattterjee has been appointed as the Mindtree CEO for a period of five years.

Mindtree has appointed Debashis Chatterjee as its new Chief Executive Officer. He will be the third chief executive of the company and the first individual outside the 7-member founding team of Mindtree to hold this office. Chatterjee has been appointed for a term of five years till August 1, 2024

The Bengaluru-based IT firm has also appointed SN Subrahmanyan as the Non-Executive Vice Chairman of the board. He currently is the CEO and Managing Director of L&T, which recently acquired controlling stake in Mindtree.

ALSO READ:New Mindtree CEO after L&T takeover to join on August 1; focus on improving profitability

Chatterjee ended his 22-year long stint at Cognizant on July 31, stepping down as the President, Global Delivery and Global Leader for the Digital Systems and Technology Practice. His appointment as CEO has come after Rostow Ravanan, one of the founding members of Mindtree, vacated the office on July 5 as L&T completed its open offer to acquire the IT firm.

After Ravanan's resignation, L&T Chairman AM Naik had stated that a new CEO would join soon. During an investor call on July 28, L&T CEO Subrahmanyan had disclosed that the new CEO had been chosen and would join on August 1.

ALSO READ:Mindtree registers subdued earnings, share price hits fresh 52-week low

In July, L Naik had joined the Mindtree board as the Non-Executive Chairman. Before that, in June this year, the Mindtree board had approved induction of five L&T's nominees as directors into the company's board. These new additions included three non-executive directors from L&T - CEO Subrahmanyan, CFO Ramamurthi Shankar Raman and Jayant Patil, Senior Vice President of L&T's defence business - as well as two additional independent directors, Prasanna Rangacharya Mysore and Deepa Wadhwa.

Meanwhile, shares of Mindtree today opened at the last closing of Rs 691 and traded higher by the afternoon session to touch day's high of Rs 703.95, at a rise of 1.85%. As of 2:35 pm, the Mindtree stock trades 1.39% up at Rs 700.75 on BSE.

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