MindTree board appoints new chairman

MUMBAI, INDIA: Mid-tier IT firm MindTree said on Friday its board has elected a new chairman, after its executive chairman resigned from the company.

Albert Hieronimus, currently the chairman of Bosch Ltd , will step into the role of the non-executive chairman of the board effective immediately, MindTree said in a statement to the exchange.

Earlier, Ashok Soota, a co-founder, had resigned as the executive chairman from the company, but said he does not have any immediate plans for divesting his stake in the firm.

Shares of the Bangalore-based company, which have shed 30 per cent of their value in the past three months, rose as much as 7.9 per cent. At 9.36 a.m., they were trading up 5.06 percent at 412.90 rupees in a firm Mumbai market.

Dr. Hieronimus has been closely associated with MindTree’s business, having served as an independent director since 2006, MindTree said in a media release. He is a member of the Strategic Initiatives Committee and the Audit Committee and chairman of the Investor Grievances Committee of the Board apart from being the Lead Independent Director.

“In line with good governance practices, we are segregating the roles of the chairman of the Board and the company’s CEO and MD,” Krishnakumar Natarajan, CEO & MD, MindTree said.

“MindTree is fortunate to have Albert in its journey ahead. He is a businessman of international stature. We will work together very effectively to take MindTree to greater heights and make it a truly memorable company,” he added.

“I have worked closely with MindTree for many years now and feel very proud of the culture & values that define MindTree. MindTree has an exciting future ahead and I look forward to helping the management to take MindTree to greater heights,” said Dr. Hieronimus.

The PhD mathematician has nearly 30 years of industry experience at Mannesmann and Bosch Group companies, said MindTree.

Throughout this time, he has assumed various leadership positions; his scope of knowledge and experience ranges from sales, finances and planning to management accounting, human resources, development and information processing.

After his time as a science assistant at the University of Cologne, Hieronimus was transferred in 1979 to the former Mannesmann AG. Between his work there and at Mannesmann Demag AG, he acted for 14 years in various positions with growing responsibility, lastly as the Managing Director of the subsidiary company Mannesmann Demag Baumaschinen GmbH.

(With inputs from Reuters)