LTIMindtree on Tuesday announced that Venugopal Lambu, whole-time director and Markets President has resigned. This comes at a time, in less than two months since the merger of the two entities.
"We hereby inform you that Mr. Venugopal Lambu (DIN:08840898) has resigned from the position of Whole-time Director & President, Markets 11, to pursue opportunities outside the Company," said LTIMindtree in its regulatory filing.
His resignation has been accepted informed LTIMindtree in the filing. His last working day will be January 10, 2023.
According to Venugopal Lambu's LinkedIn profile, he joined Mindtree in January 2020. He led the global markets transformation and capabilities of Mindtree.
Lambu joined Mindtree from Cognizant and prior to that, he also worked at HCLTech.
L&T Infotech and Mindtree had received approval for the merger from NCLT and will started operating as a merged entity from November 14, 2022.
The combined entity called LTIMindtree, will thus become the fifth largest IT services company in India in terms of current market capitalization.
The two companies had announced their merger in May 2022. Mindtree CEO Debashis Chatterjee will lead the combined entity.
Larsen and Toubro Infotech posted an about 23 per cent increase in its consolidated net profit at ₹679.8 crore for the quarter ended September 2022, while Mindtree said its consolidated net profit for the quarter ended September 2022 came in at ₹508.7 crore, growing 27.5 percent.
LTIMindtree shares were up by 0.60 per cent at ₹4,351.05 on BSE,
