LTIMindtree’s senior executives from Global Sales resign with effect from April 15

Information technology services and consulting firm LTIMindtree has informed the stock exchanges that two senior executives of the company have resigned from the services with effect from April 15.

LTIMindtree said that Pankaj Chugh, Executive Vice President – Global Sales and Gregory Dietrich, Executive Vice President – Global Sales, have resigned with effect from Monday. Shares of LTIMindtree were trading over 2.5% lower on Tuesday.

Recently, the company had announced a change in its senior management. Last month, LTIMindtree notified that its Chief Human Resource Officer Manoj Shikarkhane is moving to a new role within the company and Chetana Patnaik who was the head of Human Resources and CSR for the transportation infrastructure business, an independent company of L&T, would be assuming the role of CHRO (designate) with effect from April 1, 2024. Patnaik had also played an active role in the HR integration of LTI and Mindtree, the company stated.

For the third quarter of fiscal year 2024, LTIMindtree posted a 4.6% year-over-year growth in its revenue at ₹9,016.6 crore. Net profit for the period grew 16.8% y-o-y to ₹1,169.3 crore.

Earnings before interest and tax (EBIT) grew 15.8% y-o-y to ₹1,385.9 crore during the quarter. EBIT margin improved to 15.4% in Q3FY24 as compared to 13.9% in the same period a year ago.

The company witnessed decent deal wins during the quarter. LTIMindtree had pointed out that a global leader in the design, engineering, and delivery of customised facilities for high-tech industries selected the firm as their preferred strategic partner for their digital transformation journey over the next five years. A U.S.-based premier oil and gas producer selected the firm as their strategic partner for end-to-end technology services.

LTIMindtree shares have fallen over 25% since the beginning of the year. The stock has gained over 8% in the last one year.