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LTIMindtree, India’s sixth-largest IT firm, has announced the return of former president Venugopal Lambu as CEO designate. Lambu will join the company with immediate effect and will serve a five-year term. He will take over from Debashis Chatterjee, who will step down in November. Lambu previously served as the president of LTIMindtree’s global markets business for three years before leaving to become the head of the technology arm of staffing giant Randstad.
Lambu’s return comes at a time when the company is undergoing a significant transformation after its merger with Larsen & Toubro (L&T) subsidiary L&T Infotech and Mindtree in 2022. The company has witnessed nearly two dozen senior-level exits and a fight for the top job, which analysts have attributed to integration pains. Until recently, chief operating officer Nachiket Deshpande and president Sudhir Chaturvedi were the frontrunners for the CEO role, but Chaturvedi resigned earlier this week to explore new opportunities.
LTI Mindtree’s board has chosen Lambu to lead the company due to his experience and expertise in the industry. Lambu will work closely with Chatterjee over the next few months to ensure a smooth transition. During this period, he will gain deeper insights into the company’s current operations, budget, and strategic plans.
The company recently reported better-than-estimated revenue growth, but its net profit fell due to high costs and a dip in margins. However, the company recorded its highest-ever order inflow at $1.68 billion, with a significant increase in deals from the manufacturing and BFSI sectors.