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New CFO for LTIMindtree as CEO departure rumours swell

LTIMindtree's new CFO Vipul Chandra
LTIMindtree's new CFO Vipul Chandra

Indian information tech multinational LTIMindtree confirmed that its chief financial officer, Vinit Teredesai, has resigned.

The departure comes as rumours are growing that CEO Debashis Chatterjee may be pushed out early next year.

The Mumbai, India-based company disclosed in a filing late last week that Teredesai left after nearly four years in the role.

He will be replaced by Vipul Chandra, who has been with the company since 2013 and is also a former finance chief of Larsen and Toubro.

A. M. Naik
Chairman Naik

“Leadership planning is one of the key focus areas of our group,” stressed LTIMindtree Chairman A.M. Naik following Chandra’s appointment.

“Through career progression mapping we ensure that key talent gets experience of multiple roles within the system,” he said.

Naik added that “Vipul Chandra has been in various senior roles within the organization for more than a decade. Through his experience of 3 decades & his in-depth knowledge about our group we are sure he would lead the finance function of LTIMindtree ably.”

Teredesai, who will formally leave next month, indicated he wishes to explore opportunities outside LTIMindtree.

He first joined the company in June 2020 and, to the surprise of some company watchers in India, stayed in the role following the merger with L&T Infotech two years ago.

CEO rumours

The change in CFO comes amid growing rumours that current CEO Debashis Chatterjee will be offered another term next year.

Several news outlets, including Reuters, reported in recent weeks that LTIMindtree has already poached two candidates internally to run for the job.

CEO Debashis Chatterjee
CEO Debashis Chatterjee

LTI Mintree is experiencing a difficult start to the year. Its stock has been down by more than 17 per cent since January, largely due to concerns over integration challenges, a range of management exits and a slowdown in demand.

In the last 12 months, close to a dozen senior managers left the company, mostly in the run-up to the merger with L&T.

In India, it was labelled as the worst-performing large cap IT company during the January-March period of this year.

When approached by QA Financial, a spokesman for the company at the Mumbai headquarters declined to respond.