LTIMindtree CEO Debashis Chatterjee retires early; Venugopal Lambu takes charge amid leadership confusion
Debashis Chatterjee
, chief executive officer (CEO) and managing director (MD) of IT firm
LTIMindtree
, has opted to retire due to personal reasons effective May 30, six months before his term ends on November 13 this year.
Venugopal Lambu
, currently the CEO Designate, has been appointed CEO and MD of
LTIMindtree
with effect from May 31, the sixth-largest IT services company by revenue, said in a statement.
The decision was taken at the board meeting of the
Larsen & Toubro
(L&T) subsidiary at its 29th annual general meeting (AGM) on Friday. Lambu has also been appointed as a director on its board with effect from May 31, 2025, up to his original date of appointment as director, i.e. January 23, 2030, the statement added.
Before rejoining LTIMindtree, Lambu served as the CEO of talent recruitment firm Randstad Digital, the $3 billion digital arm of Randstad. Lambu, who has previously worked at LTIMindtree from October 2020 to January 2023, was appointed CEO designate in January this year.
Lambu's comeback is seen as a strategy to stabilise the ship at LTIMindtree, which has seen a series of over 10 senior executive exits over the past two years, especially after its formation in November 2022.
Chatterjee led the newly formed LTIMindtree after serving as CEO and MD of Mindtree from 2019 until its merger with L&T Infotech.
'Debashis Chatterjee has been working closely with Mr. Venu Lambu to ensure a seamless leadership transition, facilitating continuity and strategic alignment as the company moves forward,' the statement added.
The Mumbai-based software services provider reported subdued financial numbers over the past quarters, with the fourth and final quarter of FY25 ending March seeing its profit rise 2.5% on a revenue growth of 9.9% at Rs 9,772 crore. The quarter was helped by foreign exchange gains arising from the rupee's weakness against the dollar. The overall business demand continued to be impacted by macro uncertainties and cautious client spending, along industry lines.
For the full year, its net profit declined 1.7% to $544 million, while revenue grew 4.8% to $4.5 billion.
LTIMindtree's order book for the January-March period declined marginally to $1.6 billion from the previous quarter's $1.68 billion, but improved from $1.43 billion a year earlier.
This month, LTIMIndtree clinched its largest-ever deal -- a $450 million, seven-year engagement with a global agribusiness player.
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