Bengaluru: Vinit Teredesai has resigned as the chief financial officer (CFO) of LTIMindtree Ltd to “explore opportunities outside the L&T group,” the IT services company said in an exchange filing on Thursday.
Vipul Chandra, who has been at the helm of treasury operations at parent firm L&T Ltd since October 2013, will replace Teredesai, who will step down in April.
Teredesai took over as the CFO of LTIMindtree in November 2022. Prior to the merger of Larsen and Toubro Infotech (LTI) Ltd and Mindtree Ltd, he served as the chief financial officer of Mindtree, a role he assumed in June 2020.
“Vinit played a key role in the profitable growth journey of the organization by establishing strong financial controls and governance. He also significantly contributed to the successful merger of LTI and Mindtree,” LTIMindtree said in the regulatory filing.
Teredesai’s resignation follows a string of high-profile exits from LTIMindtree since the merger came into effect in November 2022. At least nine top executives, ranked senior vice-presidents and above, have left the company since the announcement of the merger in May of that year.
Notable departures include Paresh Vankar, former chief marketing officer, who left in October 2023; Dinesh Bajaj, former senior vice-president and chief business officer, who left in September 2023; Venugopal Lambu, whole time director and markets president, resigned on 10 January 2023; and Suresh Bethavandu who quit as chief people officer of LTIMindtree in March 2023
An email sent to LTIMindtree remained unanswered until press time.
“Vipul Chandra has been in various senior roles within the organization for more than a decade. Through his experience of three decades and his in-depth knowledge about L&T group we are sure he would lead the finance function of LTIMindtree ably,” the exchange filing quoted A.M. Naik, chairman, LTIMindtree, as saying.
“Talent churn is something that happens in the industry naturally, and I don’t think we can stop that. My job is to ensure that I can focus on the right talent for my organization,” said Debashis Chatterjee, managing director and chief executive office, LTIMindtree, had told Mint earlier.
LTIMindtree has so far experienced a mixed fiscal year, with the overall weak business environment reflected in the company’s earnings.
For the December quarter, the company reported $1.08 billion in revenues, up 0.8% sequentially, while net profit grew marginally to $140.5 million from the September quarter. The IT company reported an operating margin of 15.4% in the three months to December, down 60 basis points sequentially and below its full-year guidance of 17-18%, something the company attributed to less working days, unfavourable and cautious macroeconomic conditions.
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Published: 07 Mar 2024, 06:46 PM IST