March 31, 2009 - Bangalore, INDIA
Ashok Soota to take over as Executive Chairman; Krishnakumar Natarajan to be CEO & MD; Five business areas to fuel MindTree's growth to become a $1 billion company
MindTree Ltd., a global IT Solutions Company, today announced a major organization-wide restructure as part of its growth plans and objective of becoming a $1 billion organization. The restructuring, which will be effective April 1, 2009, includes entering new market segments, setting up new business units, and new roles for senior management. Ashok Soota, currently Chairman & Managing Director, will assume the role of MindTree's Executive Chairman. In his new role, Soota will focus on strategic initiatives and long term development. Soota will continue to be the Chairman of the Board of Directors. Krishnakumar Natarajan, currently MindTree's Chief Executive Officer (CEO), will take over the position of CEO and MD. He will be responsible for MindTree's day-to-day operations and will look after the businesses and enabling functions. With the objective of establishing leadership positions in each, MindTree will focus on five business areas: IT Services, Product Engineering Services, Infrastructure Management and Technical Support (IMTS), Independent Testing and the newly formed Knowledge Services. The initial focus of MindTree's new Knowledge Services will be providing analytics services to its clients. Analytics will help companies gain deeper insight into their business, risk and opportunity areas, and customer behavior, for improved sales, marketing and operational effectiveness. Product Engineering services will deliver end-to-end product realization services. Janakiraman S will head Product Engineering Services as President and Group CEO of the business unit, which is comprised of R&D Services and Outsourced Product Development (OPD) Services. The CEOs of MindTree's businesses will be as follows:
"Being focused on five business units will not only enable faster growth in our chosen areas, but will also help MindTree build greater capacity. This is a significant milestone in MindTree's journey towards becoming a $1 billion organization," said Soota.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
MindTree Ltd. is a global IT Solutions Company specializing in IT Services, Product Engineering, Infrastructure Management and Technical Support (IMTS), Independent Testing and Knowledge Services. MindTree partners with its clients to create a transparent, value-based relationship. Our people build innovative solutions in a wide range of technology domains that enable our customers to succeed in their business goals. MindTree was named among the Top 30 offshore service providers by the International Association of Outsourcing Professionals and Fortune Magazine. Widely known for its focus on human capital development, MindTree has been consistently rated among the most admired employers by several industry surveys, including Great Places To Work Institute, Hewitt Associates and Mercer. MindTree was ranked No. 1 among the Most Admired Knowledge Enterprise (MAKE) India Award winners for the second consecutive year in 2008. MindTree is the winner of the National Award for Excellence in Corporate Governance in India in 2007-08. The Company is publicly listed in India. Please visit us at www.mindtree.com.