Latest news with #LTIMindtree
Time of India
14 hours ago
- Business
- Time of India
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.
Time of India
a day ago
- Business
- Time of India
LTIMindtree's Debashis Chatterjee retires early, Venu Lambu takes charge
Bengaluru: LTIMindtree's CEO Debashis Chatterjee oversaw the complex merger of two firms with distinct identities. This merger allowed the company to shed its mid-tier image and break into the tier-1 Indian IT services league. Chatterjee was entrusted with the crucial task of bridging two firms marked by cultural asymmetry, bringing them into a cohesive and future-ready IT firm. Popularly known as DC, he embraced the challenge head-on. As CEO and MD of Mindtree from 2019 until its merger with L&T Infotech in November 2022, he then took the helm of the newly formed LTIMindtree. Under his leadership, the company rose to become India's sixth-largest IT services firm by revenue, leveraging LTI's engineering DNA with Mindtree's experience DNA to create a stronger moat by building newer capabilities, client relationships, talent, and go-to-market (GTM) strategy. To reposition the firm in the eyes of clients, DC created the LTMOne strategy focused on creating a strong GTM and account mining, cost synergies, and prudent capital allocation to drive profitable growth. After spending over 35 years in the IT sector , Chatterjee opted to retire as the CEO of LTIMindtree due to personal reasons, leaving behind a strong growth engine poised to thrive in the digital marketplace. In fact, he grew LTIMindtree's banking, financial services (BFSI) practice, and technology businesses each into the $1 billion revenue club. In his previous role, Chatterjee led the BFS practice for Cognizant as SVP and global head until 2007. He was also instrumental in growing the infrastructure services practice to a $1 billion mark. DC was employee no.1 at Cognizant's development centre in Kolkata, which was incubated at his home office there. Ramkumar Ramamoorthy, partner at Catalincs and former Cognizant India CMD, said, "DC's stellar leadership was an inspiration for a generation of mid-sized IT services companies to breach the magical billion dollars in revenue and compete with the tier-1 players. Until then, the separation between the tier-1 and mid-sized companies was quite stark, with dozens of promising companies getting acquired before they crossed the half-a-billion or billion-dollar revenue mark. " He laid the spadework to envision the enterprise of tomorrow. Today, LTIMindtree has over 100 Fortune 500 companies as customers, participating aggressively in vendor consolidation deals, timing its strategic pivots, and turbocharging its portfolios, especially as it gears up to touch a near-term $5 billion goalpost. Currently, LTIMindtree has $4.5 billion in revenue, with over 700 clients and 84,000 employees. Under his and the new CEO Venu Lambu's watch, LTIMindtree won its largest deal ever, worth $450 million, from US food processing and nutrition company Archer Daniels Midland (ADM). A few months ago, LTIMindtree bagged an over $200 million deal, which is a combination of renewal and new scope. LTIMindtree's strategy is built on accelerating momentum in core verticals like BFSI and technology, expanding its Fortune 500 client base, strengthening horizontal capabilities in data and analytics, and deepening its hyperscaler partnerships. He retires from the firm, leaving behind an ambitious goal. LTIMindtree aims to more than double its revenue, targeting $10 billion by the 2031–32 financial year. In fact, its chairman SN Subrahmanyan, in a letter to shareholders in the 2024-25 annual report, praised Chatterjee's leadership, saying, "I would like to take this opportunity to acknowledge the tremendous leadership of Debashis Chatterjee (DC), under whose vision and guidance LTIMindtree has broken the shackles of being a mid-tier Indian IT company and transformed into a global IT services provider, particularly through the successful execution of the complex merger of erstwhile LTI and Mindtree. "
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Business Standard
a day ago
- Business
- Business Standard
Debashis Chatterjee retires, Venu Lambu named CEO & MD of LTIMindtree
IT services firm LTIMindtree's Chief Executive Officer (CEO) and Managing Director (MD) Debashis Chatterjee has retired due to personal reasons, the company said during its 29th annual general meeting (AGM) on Friday. CEO-designate Venu Lambu has been appointed CEO and MD with effect from Saturday (May 31). 'As I reflect on my journey with LTIMindtree, I am filled with humility and pride. Leading this organisation from its formative days has been an honour, and I take immense satisfaction in the foundations we've built for future success. I am confident that under Venu's capable leadership, LTIMindtree will continue to thrive and reach new milestones,' said Chatterjee in a statement. Chatterjee joined Mindtree as CEO and MD 2019, until its merger with L&T Infotech in 2022. After the merger, he continued to be CEO and MD of the merged entity. 'Under his leadership, LTIMindtree became India's sixth-largest IT services firm by revenue, effectively integrating the strengths of both the legacy organisations to enhance service offerings and drive innovation,' said the company in a statement. SN Subrahmanyan, Chairman, LTIMindtree, said, 'It is with deep appreciation that we bid farewell to Debashis Chatterjee, whose leadership has been instrumental in propelling LTIMindtree to new heights. He is a fantastic person with immense knowledge and intellectual depth. It was a pleasure to work with him. We are grateful for his invaluable contributions and wish him continued success in all his future endeavours." Chatterjee has been working with Lambu for a seamless leadership transition since the beginning of the year. Before joining LTIMindtree, Lambu served as CEO of Randstad Digital, the $3 billion digital arm of Randstad. He is also not new to the company, as he worked with it during 2020-2023, when he led the global markets.
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Business Standard
a day ago
- Business
- Business Standard
Debashis Chatterjee retires; Venu Lambu named CEO & MD of LTIMindtree
IT services firm LTIMindtree's Chief Executive Officer (CEO) and Managing Director (MD) Debashis Chatterjee has retired due to personal reasons, the company said during its 29th annual general meeting (AGM) on Friday. CEO-designate Venu Lambu has been appointed CEO and MD with effect from Saturday (May 31). 'As I reflect on my journey with LTIMindtree, I am filled with humility and pride. Leading this organisation from its formative days has been an honour, and I take immense satisfaction in the foundations we've built for future success. I am confident that under Venu's capable leadership, LTIMindtree will continue to thrive and reach new milestones,' said Chatterjee in a statement. Chatterjee joined Mindtree as CEO and MD 2019, until its merger with L&T Infotech in 2022. After the merger, he continued to be CEO and MD of the merged entity. 'Under his leadership, LTIMindtree became India's sixth-largest IT services firm by revenue, effectively integrating the strengths of both the legacy organisations to enhance service offerings and drive innovation,' said the company in a statement. SN Subrahmanyan, Chairman, LTIMindtree, said, 'It is with deep appreciation that we bid farewell to Debashis Chatterjee, whose leadership has been instrumental in propelling LTIMindtree to new heights. He is a fantastic person with immense knowledge and intellectual depth. It was a pleasure to work with him. We are grateful for his invaluable contributions and wish him continued success in all his future endeavours." Chatterjee has been working with Lambu for a seamless leadership transition since the beginning of the year. Before joining LTIMindtree, Lambu served as CEO of Randstad Digital, the $3 billion digital arm of Randstad. He is also not new to the company, as he worked with it during 2020-2023, when he led the global markets.
Time of India
2 days ago
- Business
- Time of India
LTIMindtree Share Price Live Updates: LTIMindtree's beta indicates consistent performance
30 May 2025 | 08:41:43 AM IST Stay up-to-date with the LTIMindtree Stock Liveblog, your comprehensive source for real-time updates and detailed analysis on a prominent stock. Explore the latest information on LTIMindtree, including: Last traded price 5128.2, Market capitalization: 151941.15, Volume: 539696, Price-to-earnings ratio 33.04, Earnings per share 155.21. Our liveblog provides a comprehensive overview of LTIMindtree by integrating fundamental and technical indicators. Stay informed about breaking news that can impact LTIMindtree's performance in the market. Our expert analysis and stock recommendations empower you to make well-informed financial decisions. Join us on this journey as we delve into the exciting world of LTIMindtree and its market potential. The data points are updated as on 08:41:43 AM IST, 30 May 2025 Show more
