IT solutions company MindTree named Albert Hieronimus, Chairman of Bosch and former chairman of the executive board of Bosch Rexroth AG, as its new Chairman with effect from Friday.
Mr. Hieronimus, who has been an independent director on MindTree's board since 2006, will function as the non-executive chairman of the board, Krishnakumar Natarajan, CEO and Managing Director, MindTree, said. Mr. Hieronimus's appointment comes after the MindTree co-founder Ashok Soota announced his resignation in January.
Subroto Bagchi, Vice-Chairman, said the board's choice of Mr. Hieronimus was unanimous. He said Mr. Hieronimus was not a newcomer to MindTree and that his “critical contribution” in various committees of MindTree has been invaluable.
Mr. Bagchi said MindTree “does not aspire to be merely one of the biggest IT services companies but one of the best in its field.” He said the company, now in its second decade, “has to focus on specialising in certain segments, instead of being a one-stop shop.” He said details of the “strategic change” being planned in the company would be announced after the board meeting scheduled for April 20.
Mr. Natarajan said the company planned to work towards a “focussed approach rather than a broad-based approach.”
The shift, he said, also means identifying areas from which the company would be moving out.
He said MindTree would no longer address the medical equipment, energy and product engineering markets. However, he said consumer products and the automotive industry segments would be in the company's focus.
Admitting that the shareholders had been “irritated” by Mr. Soota's resignation, which resulted in the sharp fall in the company's share price, Mr. Bagchi said the company had to “leave the past and move on.”
April 9, 2011: MindTree clarifies that it will continue to address the product engineering markets.
