DBT Bureau
Bengaluru, 16 April
Mid-tier Indian IT services firm LTIMindtree on Tuesday said two of its top sales executives- Pankaj Chugh, executive vice president, global sales and Gregory Dietrich, executive vice president, global sales- resigned from the services of the company with effect from April 15, 2024.
In an exchange filing, the company informed the exit of these high-level executives. LTIMindtree has seen several senior-level exits in the last year. In March 2024, Vinit Teredesai resigned as the chief financial officer (CFO) of the company to explore opportunities outside the L&T group.
Some of other key exits included Paresh Vankar, former chief marketing officer, who quit in October 2023. Similarly, Dinesh Bajaj, former senior vice-president and chief business officer at LTIMindtree quit in September 2023. Venugopal Lambu, whole-time director and markets president had resigned in January 2023 and Suresh Bethavandu, former chief people officer left the company in March 2023.
Such senior-level exits have raised questions over the integration efforts that have been operational since November 2022.
Some brokerage firms have already raised concerns over challenges faced by the integration process. Jefferies in an earlier note pointed out that the company may take longer to realise revenue synergies from the merger.
Post-merger of Mindtree and LTI, the combined entity is supposed to garner more revenue than both these entities. LTIMindtree’s management has indicated that the combined entity would create revenue synergies of $1 billion apart from giving 200 basis points advantage through cost optimisation in the next four to five years.
However, frequent senior-level exits point out towards probable issues in the integration process, which can potentially hinder revenue synergies coming from the merger.
LTIMindtree will announce its fourth-quarter results on April 24 and investors will be keenly watching the management commentary on the progress of the integration process.
