While the company is reportedly devising a data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/succession-plan” target=”_blank” rel=”noopener”>succession plan, about two dozen data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/senior-executives” target=”_blank” rel=”noopener”>senior executives have resigned and joined rivals and other tech companies such as data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank” href=”https://economictimes.indiatimes.com/news/cognizant” rel=”noopener”>Cognizant, data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/capgemini” target=”_blank” rel=”noopener”>Capgemini, data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/persistent-systems” target=”_blank” rel=”noopener”>Persistent Systems, Tech Mahindra, Sonata and others, an ET analysis of brokerage house reports and LinkedIn profiles showed.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| MIT xPRO | MIT Technology Leadership and Innovation | data-ga-onclick=”Emeritus_edit_articles_click#110444164#tech” target=”_blank” rel=”nofollow sponsored noopener” class=”btn btn_visit” href=”https://executive-ed.xpro.mit.edu/technology-leadership-and-innovation?utm_source=timeset&utm_medium=affiliate&utm_campaign=times_et_article_textcta_edit&utm_content=110444164″>Visit |
| Indian School of Business | ISB Product Management | data-ga-onclick=”Emeritus_edit_articles_click#110444164#tech” target=”_blank” rel=”nofollow sponsored noopener” class=”btn btn_visit” href=”https://online-er.isb.edu/product-management/index.php?utm_source=timeset&utm_medium=affiliate&utm_campaign=times_et_article_textcta_edit&utm_content=110444164″>Visit |
| IIT Delhi | Certificate Programme in Data Science & Machine Learning | data-ga-onclick=”Emeritus_edit_articles_click#110444164#tech” target=”_blank” rel=”nofollow sponsored noopener” class=”btn btn_visit” href=”https://iitd.emeritus.org/iitd-certificate-programme-in-data-science-machine-learning/index.php?utm_source=timeset&utm_medium=affiliate&utm_campaign=times_et_article_textcta_edit&utm_content=110444164″>Visit |
Also read | data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/tech/information-tech/ltimindtree-q4-profit-falls-1-2-revenue-edges-up/articleshow/109569564.cms” data-type=”tilCustomLink” target=”_blank” rel=”noopener”>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 data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/integration-challenges” target=”_blank” rel=”noopener”>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.”
Discover the stories of your interest
data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/tech/technology/ltimindtrees-plan-is-to-grow-revenue-to-10-billion-ceo-debashis-chatterjee/articleshow/109925106.cms” data-type=”tilCustomLink” target=”_blank” rel=”noopener”>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 data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/leadership” target=”_blank” rel=”noopener”>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 data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank” href=”https://economictimes.indiatimes.com/definition/attrition” rel=”noopener”>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.
