CEO Rostow Ravanan, 2 others quit Mindtree after L&T takeover

Within 48 hours of L&T gaining control of Mindtree, the IT firm’s founders Krishnakumar Natarajan, Parthasarathy NS and Rostow Ravanan have resigned from the board and executive roles, paving the way for the new promoter to make appointments. Chairman Natarajan, vice chairman Parthasarathy NS and chief executive Ravanan have quit the company, the firm said in a regulatory filing Friday. The company said it will announce a new leadership team in due course. Over the past few weeks, there have been speculations about Ravanan quitting the company. Reports had suggested that the construction major wanted Ravanan to step down as new owners were preparing the grounds for a top management overhaul at the Bengaluru-based company.

The founders had vehemently opposed the L&T bid, terming it “hostile” and as a grave threat and value destructive to shareholders. Interestingly, there were speculations that they too may sellout their holding in the open offer launched by the construction major but they