Albert Hieronimus was chairman of Bosch; Ashok Soota resigned in January to pursue a new business venture
New Delhi: Mid-size IT firm MindTree today announced the appointment of Albert Hieronimus as its new chairman with immediate effect. Before joining MindTree, Mr Hieronimus was chairman of Bosch Ltd.
MindTree chief executive officer and managing director Krishnakumar Natarajan said, "In line with good governance practices, we are segregating the roles of the chairman of the board and the company's CEO and MD."
In January this year, co-founder Ashok Soota resigned as executive chairman from the company to pursue a new business venture. He was relieved from his duties on March 31, 2011. However, Mr Soota said he did not have plans to divest his stake in the company, PTI reports.
MindTree offers IT services, product engineering services, independent testing and infrastructure management and technical support.
The MindTree stock, which has shed about a third of its value in the past three months, climbed about 6% to Rs419 in the first hour of trading on the Bombay Stock Exchange today, following the announcement.
Founded by former Wipro leaders like Mr Soota and Subroto Bagchi, the company posted a 40% year-on-year decline in net profit at Rs30.49 crore for Q3FY11 from Rs50.47 crore in the previous corresponding quarter.
Mindtree acquired Kyocera India's R&D centre in October 2009 to work on IPR in the 4G long-term evolution wireless infrastructure and 3G smartphone. However, a year later, the company said it would convert that business into R&D services for network infrastructure and handset firms.