MindTree board to decide on transition plan soon

Our Bureau Bangalore | Updated on January 30, 2011 Published on January 30, 2011

MindTree, a global IT and product engineering services company, has said that its Board of Directors will meet early next week in Bangalore to choose the “most appropriate” transition plan for the company that is in the “best interests of its customers, employees and shareholders”.

The Board of Directors has indicated that there have been ongoing discussions on succession with Mr Ashok Soota, who has resigned from the company.

The board further added that the company has a strong management team that can drive the company forward.

Mr Soota, one of the co-founders of MindTree, on Friday announced his resignation as Executive Chairman and employee of MindTree.

He will move on from his current role by March, 31 and pursue something new outside MindTree.

Sources said he would be starting a venture in the space that MindTree is operating.

MindTree in a press release said it “acknowledges his leadership and selfless contribution during the last decade, bringing MindTree from a fledgling start-up to a 10,000-people, globally-admired, organisation that it is today.”

Commenting on Mr Soota's decision to move on, the MindTree Chief Executive Officer and Managing Director, Mr Krishnakumar Natarajan, said, “Under Mr Ashok's guidance and leadership, MindTree has become what it is today. It is now our responsibility to take it to the next higher level; we believe that we have the vision and the capacity to take his dream further.

“We have an excellent team and have the support and guidance of an eminent board to deliver consistent and superior value to our customers and stakeholders. MindTree Minds will always remember with fondness, his humility, transparency and statesmanship.”

MindTree also said that the company spokespeople will not be available for comment through to Monday.

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Published on January 30, 2011
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