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Time of India
3 days 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.
Mail & Guardian
13-05-2025
- Politics
- Mail & Guardian
Address ethnic extremism to prevent another genocide in the Great Lakes region
A woman looks at the wall of the names of people killed in the Rwanda genocide. Photo: Yasuyoshi Chiba/AFP/Getty Images In commemoration of the 31st kwibuka, I joined 2,000 people of the Rwandese community in Uganda at the Ggolo memorial site in Mpigi District where 4,771 victims were laid to rest. Kwibuka is a Kinyarwanda word meaning 'to remember. A total of 10,983 out of about 800,000 genocide victims were laid in Uganda, with 2,875 bodies in the Kasensero memorial site in Rakai and 3,337 at Lambu site in the Greater Masaka region. Unfortunately, in remembering the 1994 Rwanda genocide kwibuka, some countries in the Great Lakes region are becoming more polarised along tribal lines. The escalating ethnic extremism undermines all our efforts towards realising an Africa that is at peace with itself through embracing unity in diversity, cohesion and co-existence. With profound sadness we recognise ethnic extremism as a key factor that sparked ethnic divisions in Rwanda. This is exacerbated when political players manipulate divisions for selfish gains. The ethnic divisions are caused by tribal provocations, intolerance and hatred leading to separatism, violence and revenge that often degenerates into civil unrest and eventually genocides. Lest we forget, similar red flags of ethnic extremism have been raised and may escalate into a genocide in countries such as the Democratic Republic of the Congo, South Sudan, Kenya and Uganda. Ethnic divisions in the Great Lakes region are often sparked by desire for supremacy, competition for natural resources, cattle raiding, pastures, food and water. In Uganda there are ethnic divisions between Baganda and Banyankore while in Kenya it's between Kikuyu, Luo and Kalenjin, the Dinka and Nuers in South Sudan and Hutu and Tutsis in the DRC. Harvard University Press recently published details of Professor Mahmood Mamdani's book, Slow Poison, about how Uganda's President Yoweri Museveni has fragmented Uganda into multiple ethnic minorities as a way of recreating a version of colonial indirect rule similar to what Belgium did in Rwanda. Subsequently, Museveni's ruthless first son, Muhoozi Kainerugaba, seems to have mastered his father's strategic game of divide and rule. For example, he posted ridiculous ethnic provocations on his X account chest thumping the abduction, torture and illegal detention Bobi Wine's civilian body guard, Edward Rogers Ssebuufu ( also known as Eddy Mutwe), who belongs to the ethnic Ganda group. Museveni first son's denigration acts sparked outrage among the Ganda against the Ankore. His discrimination and provocation is dangerous. In South Sudan the ethnic extremism is on a midnight train to a genocide between the Dinka and Nuer under the watch of President Salva Kiir, who belongs to the Dinka ethnic group, and Vice-president Riek Machar of the Nuer ethnic group. Lest we forget December 2013, when Dinka South Sudan People's Defence Forces soldiers massacred 4,700 Nuer civilians in four days, this is one of many such events happening in South Sudan. Countries such as Uganda, South Sudan and the DRC must learn from the devastating 1994 genocide in Rwanda. The Rwanda genocide left not only mass deaths but also displaced people, a refugee crisis, severe trauma and economic setbacks in the Great Lakes region. The kwibuka is an opportunity for this to happen. We can't turn back the years but we have an opportunity to mitigate ethnic divisions. To do so, a holistic approach is critical. This includes reviewing international treaties and regulations against genocide, hate speech and violence. Constructing a domestic social fabric will help prevent divisions between ethnic groups spilling over into violence. This could include embracing intermarriages between tribes. Redressing the root causes of hate speech, discrimination, intolerance and land wrangles in Uganda, South Sudan, DRC and Kenya are also potential remedies. Leveraging sports as a unifying factor can strengthen cohesion, co-existence and unity in diversity. Great Lakes governments must distribute public service jobs and opportunities equally to minimise the inequalities that often lead to envy and hate speech. In Uganda, ending ethnic provocations and violence against the Baganda is crucial in combating tribal extremism. Faith-based institutions can be hubs of unity in diversity and reconciliation to bolster brotherhood, cohesion and co-existence. Music and art can be used to create more awareness and sensitisation about the dangers of tribal extremism. We need to come together as one human race to avoid another genocide. Robert Kigongo is a sustainable development analyst. X: @kigongokr7
Time of India
13-05-2025
- Business
- Time of India
LTIMindtree wins $450 million deal from ADM
BENGALURU: LTIMindtree won its largest deal ever, worth $450 million, from US food processing and nutrition company Archer Daniels Midland (ADM). The deal spans a seven-year duration. Headquartered in Chicago, ADM connects crops to markets on six continents and recorded $102 billion in net sales in 2022. As part of this deal, LTIMindtree will implement an AI-powered operating model to deliver application management , infrastructure support, and cybersecurity services . This comprehensive suite of future-ready IT services aims to enhance the client's operational efficiency, scalability, and global growth. "Securing this large deal marks a pivotal milestone as we transform to an AI-driven business model, helping our clients enhance productivity," said its CEO designate Venu Lambu. A few months ago, LTIMindtree bagged an over $200 million deal, which is a combination of renewal and new scope. In yet another development, LTIMindtree's nomination and remuneration committee approved London-based Lambu's compensation, which includes a fixed pay of GBP 850,000 and a variable pay of up to GBP 350,000 subject to performance, the postal ballot notice showed. It also includes a profit-linked incentive of 0.15% of the standalone profit after tax, 40,000 stock options granted at an exercise price of Rs 1 each, with equal vesting over a period of four years under the LTIMindtree Employees Stock Option Scheme, 2015. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo The company said the total remuneration may be revised as per the company's policy, subject to an annual increment of up to 3% as decided by the board upon the recommendation of the NRC. Based on rough calculations derived from LTIMindtree's profits and the previous year's average share price, Lambu's compensation package could range between GBP 2.6 million to GBP 2.8 million annually, equivalent to $3.4 million to $3.7 million, although the company has not disclosed the exact figures. Its current CEO, Debashis Chatterjee's remuneration rose 68% to Rs 32.5 crore in the 2025-25 financial year. Its former president, Sudhir Chaturvedi's salary rose 88% to Rs 17.3 crore who resigned from the firm in January. The amount excludes dues to be recovered. The median remuneration of employees of the company during the last fiscal was Rs 17.4 lakh, a 24.4% increase in the median remuneration of employees. Last year, the average increase on an annual basis in the salary of employees, other than managerial personnel, was 4.1% globally, comprising around 5.5% in India and 2.2% in other geographies. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
09-05-2025
- Time of India
26-year-old serial snatcher caught after lengthy chase
New Delhi: Delhi Police personnel were on the trail of a notorious snatcher who was committing back-to-back snatchings in the city. Their only clue was a KTM bike and a tall, thin man as their a cat-and-mouse game lasting two weeks, the cops finally caught Aman, alias Lambu, recently. "The special task force of the Southeast district, led by inspector Shiv Kumar, apprehended Aman and recovered a pistol and four live cartridges from his possession. With his arrest, multiple cases were solved, including a robbery case registered at the Amar Colony police station," said DCP (Southeast) Ravi Kumar a 26-year-old with a history of crime, terrorised Delhi's streets on his sleek KTM Duke bike. Known for his brazen snatching sprees, particularly in South, South East, South West, and New Delhi districts, his modus operandi involved targeting unsuspecting victims and swiftly escaping on his motorcycle. Operation Sindoor PM Modi meets NSA, chiefs of armed forces amid spike in tensions with Pak India's air defence systems shoot down Pak drones in J&K, Punjab & Rajasthan Several airports in India to be closed till May 15 - check list With six prior cases of theft, snatching, and robbery, Aman became a nightmare for law enforcement agencies. His exploits included snatching mobile phones in Amar Colony and Okhla Industrial Area, which he then sold to an accomplice, Amir, in his reign of terror came to an end on May 5, when the special task force team apprehended him. With his arrest, four cases of robbery and snatching were solved. Further investigation is on. TNN
