Jan 29, 2011 01:29 PM IST | Source: VCCircle

MindTree Exec Chairman resigns; to start new venture

In a surprise move, Ashok Soota, the co-founder and executive chairman of mid-sized IT services firm MindTree Ltd, has resigned to form a new venture. Soota, who started MindTree in 1999 with nine other Wipro colleagues, has stated personal reasons for the resignation.

MindTree Exec Chairman resigns; to start new venture

In a surprise move, Ashok Soota, the co-founder and executive chairman of mid-sized IT services firm MindTree Ltd, has resigned to form a new venture. Soota, who started MindTree in 1999 with nine other Wipro colleagues, has stated personal reasons for the resignation. Soota has sent his resignation to the board of directors and asked to be relieved by March 31. Soota holds a 11.14% stake in MindTree, the single-largest among the promoters of the firm.

Soota's new venture is expected to be announced after his departure on March 31 and will reportedly be in the IT space only. "The decision to resign is for personal reasons. It is something I have thought about for a few months and arrived at a well-considered conclusion. I will finalize and announce my plans for a new business venture, shortly after my departure from MindTree," said Soota in a statement.

Soota added that transition will not pose any difficulties. MindTree's current top brass includes vice-chairman Subroto Bagchi and CEO and managing director Krishnakumar Natarajan.

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