The senior talent pool of LTIMindtree has become a hunting ground for other IT companies one and a half years after the merger that created the country’s sixth largest software services company. LTIMindtree was born out of the merger between L&T Infotech and Mindtree in November 2022. Analysts have attributed this to integration pains. CEO Debashis Chatterjee has said it’s business as usual.

While the company is reportedly devising a succession plan, about two dozen senior executives have resigned and joined rivals and other tech companies such as Cognizant, Capgemini, Persistent Systems, Tech Mahindra, Sonata and others, an ET analysis of brokerage house reports and LinkedIn profiles showed.

Also read | LTIMindtree Q4 profit falls 1.2%, revenue edges up

In 2024, at least eight senior executives have quit LTIMindtree and joined Cognizant, Capgemini, Persistent Systems and Xoriant among others. The most recent instance is of Vinit Teredesai, who was appointed chief financial officer at Persistent Systems last week. Teredesai had quit in April.

The exodus has got experts and analysts tracking the company worried.

“Elevated churn at senior-management level suggests that the company continues to face integration challenges,” Jefferies said in March. “This is a concern, especially given that it has been more than a year since the merger took effect.”

CEO Debashis Chatterjee told ET in a recent interview that none of the exits could be attributed to the merger.“I think people look to do bigger things, their aspirations are going to be different in line with what we can offer,” he had said. “Two sets of leaders came from different organisations, and we had a significant leadership bench available… As growth comes back, we can fire all the cylinders, and whatever leadership we need to do that, we already have on board.”

Analysts at HDFC Securities said in a note last month that apart from other factors like high exposure to BFSI, “LTIM’s senior management attrition persists which is also leading to growth deceleration and risk of delayed recovery.”

Rashmi Chakraborty, who was regional director and global head of partner marketing at LTIMindtree, quit in January and joined Cognizant. Dilip Panjwani, who was global head, cyber security, quit in January and joined Persistent Systems as head of cyber security service line delivery. Kedar Joshi, who had joined LTIMindtree as global head of the life science business last year, quit in March to join Persistent Systems as global head, medtech and scientific instruments.

Greg Dietrich, who was head of regional and nearshore delivery, quit this year to join Capgemini as COO, cloud and infrastructure services, North America. Mukund Rao, who was chief business officer, BFSI, left in January to join Xoriant as president, global markets. Pankaj Chugh, former head, digital transformation, quit in April and joined 66degrees, an AI and data consulting company. Raghavendra Parvataraju, exited in April as executive vice president, global sales. He hasn’t updated his Linkedin profile about his next role.

The IT firm also appointed three new senior executives this year with one recruited from outside and two from within the L&T group.

The management of LTIMindtree noted during its recent earnings call that “the recent senior leadership attrition is a part of BAU (business as usual) and with the merger (between LTI and Mindtree), the company has significant leadership bandwidth.”

On succession planning, with his three-year term set to end late next year, Chatterjee had told ET, “As far as we are concerned, succession planning is a routine part of risk management exercise for any company of our size.”

Chief operating officer Nachiket Deshpande and president of sales Sudhir Chaturvedi are currently in the race for the top job.

The senior talent pool of LTIMindtree has become a hunting ground for other IT companies one and a half years after the merger that created the country’s sixth largest software services company. LTIMindtree was born out of the merger between L&T Infotech and Mindtree in November 2022. Analysts have attributed this to integration pains. CEO Debashis Chatterjee has said it’s business as usual.

While the company is reportedly devising a succession plan, about two dozen senior executives have resigned and joined rivals and other tech companies such as Cognizant, Capgemini, Persistent Systems, Tech Mahindra, Sonata and others, an ET analysis of brokerage house reports and LinkedIn profiles showed.

Also read | LTIMindtree Q4 profit falls 1.2%, revenue edges up

In 2024, at least eight senior executives have quit LTIMindtree and joined Cognizant, Capgemini, Persistent Systems and Xoriant among others. The most recent instance is of Vinit Teredesai, who was appointed chief financial officer at Persistent Systems last week. Teredesai had quit in April.

The exodus has got experts and analysts tracking the company worried.

“Elevated churn at senior-management level suggests that the company continues to face integration challenges,” Jefferies said in March. “This is a concern, especially given that it has been more than a year since the merger took effect.”

CEO Debashis Chatterjee told ET in a recent interview that none of the exits could be attributed to the merger.“I think people look to do bigger things, their aspirations are going to be different in line with what we can offer,” he had said. “Two sets of leaders came from different organisations, and we had a significant leadership bench available… As growth comes back, we can fire all the cylinders, and whatever leadership we need to do that, we already have on board.”

Analysts at HDFC Securities said in a note last month that apart from other factors like high exposure to BFSI, “LTIM’s senior management attrition persists which is also leading to growth deceleration and risk of delayed recovery.”

Rashmi Chakraborty, who was regional director and global head of partner marketing at LTIMindtree, quit in January and joined Cognizant. Dilip Panjwani, who was global head, cyber security, quit in January and joined Persistent Systems as head of cyber security service line delivery. Kedar Joshi, who had joined LTIMindtree as global head of the life science business last year, quit in March to join Persistent Systems as global head, medtech and scientific instruments.

Greg Dietrich, who was head of regional and nearshore delivery, quit this year to join Capgemini as COO, cloud and infrastructure services, North America. Mukund Rao, who was chief business officer, BFSI, left in January to join Xoriant as president, global markets. Pankaj Chugh, former head, digital transformation, quit in April and joined 66degrees, an AI and data consulting company. Raghavendra Parvataraju, exited in April as executive vice president, global sales. He hasn’t updated his Linkedin profile about his next role.

The IT firm also appointed three new senior executives this year with one recruited from outside and two from within the L&T group.

The management of LTIMindtree noted during its recent earnings call that “the recent senior leadership attrition is a part of BAU (business as usual) and with the merger (between LTI and Mindtree), the company has significant leadership bandwidth.”

On succession planning, with his three-year term set to end late next year, Chatterjee had told ET, “As far as we are concerned, succession planning is a routine part of risk management exercise for any company of our size.”

Chief operating officer Nachiket Deshpande and president of sales Sudhir Chaturvedi are currently in the race for the top job.