Mindtree appoints former Cognizant executive as new MD, CEOhttps://indianexpress.com/article/business/mindtree-appoints-former-cognizant-executive-debashis-chatterjee-as-new-md-ceo-5872701/

Mindtree appoints former Cognizant executive as new MD, CEO

L&T's takeover of Mindtree marked India's first-ever hostile takeover in the IT space. The infrastructure giant had bought 20.32 per cent shares in Mindtree from late V G Siddhartha and his coffee enterprise for over Rs 3,000 crore in March.

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Former Cognizant executive Debashis Chatterjee is the new chief executive officer and managing director (MD and CEO) of MindTree Ltd.

IT services firm Mindtree Ltd on Friday announced the appointment of former Cognizant executive Debashis Chatterjee as its new chief executive officer and managing director (MD and CEO).

The company also appointed Larsen & Toubro’s (L&T) Chief Executive Officer and Managing Director S N Subrahmanyan as its non-Executive Vice-Chairman.

“Mindtree, a L&T Group Company announced the appointment of Debashis Chatterjee as the CEO & MD of Mindtree Ltd. He has been inducted into Board of Mindtree Ltd with a mandate to lead the company into its next phase of growth,” Mindtree said in a statement.

Prior to joining Mindtree, Chatterjee was President, Global Delivery and Global Leader for the Digital Systems and Technology practice at Cognizant.

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Both appointments are effective from Friday, Mindtree said in a regulatory filing.

L&T’s takeover of Mindtree marked India’s first-ever hostile takeover in the IT space. The infrastructure giant had bought 20.32 per cent shares in Mindtree from late V G Siddhartha and his coffee enterprise for over Rs 3,000 crore in March.

Later, it shored up its holding with more share purchases from the open market, before making an open offer for an additional 31 per cent stake, taking its shareholding to over 60 per cent.

Last month, L&T had also secured three board positions at Mindtree, bringing in Subrahmanyan, Jayant Damodar Patil and Ramamurthi Shankar Raman.

Shares of Mindtree were trading 0.41 per cent higher at Rs 694 apiece on BSE.