Bangalore, Feb 29 (IANS) IT and product engineering services firm MindTree Wednesday elected co-founder Subroto Bagchi as chairman of the board of directors effective from April 1 in place of incumbent Albert Hieronimus, who will assume the role of vice-chairman.
“The new appointments reaffirm our vision to become a stronger player in the global software services industry. Subroto and I have a history of collaboration; we share the same vision and values that will take us to 2020,” chief executive Krishnakumar Natarajan said in a statement here.
Asserting that the Rs.1,509-crore company was poised to scale greater heights, Hieronimus said Bagchi would be the best man for the top job in the next phase of growth, profitability and customer satisfaction.
“It is time when visionary leadership requires to be combined with full-time executive involvement. Subroto will drive the company’s strategy, values and vision for the future,” Hieronimus observed.
Noting that it was honour to head one of the most admired firms in the industry, Bagchi said he would focus on developing engagements with the company’s global clients and deliver sustainable financial performance.
Bagchi, who was based in the US as chief operating officer, returned to Bangalore after he was re-designated as the midsize company’s ‘gardner’ in 2008 to revive its sagging fortunes in the face of stiff competition from peers and nurture its talent pool.
Hieronimus, 63, who has been an independent director on the board, will continue to chair the nomination and governance and the investor grievances’ committees, while George M. Scalise and N. Vittal stepped down as directors on superannuation and Mark A. Runacres resigned from the board due to other commitments.
The German executive, Hieronimus was appointed chairman April 1, 2011, after founder Ashok Soota quit the top post in March 2011 to float a new venture – Happiest Minds Technologies Ltd.
Soota founded MindTree in 1999 with nine other co-founders after quitting IT bellwether Wipro as vice-chairman and president.
