Mindtree co-founder & executive chairman, Ashok Soota submits resignation to board

by Jamsheed Gandhi    Jan 28, 2011

Ashok SootaIn a communication sent out after market hours on Friday 28th January 2011, Mindtree Co-founder and executive chairman, Ashok Soota, has placed his resignation to the Board of Directors and has requested to be relieved of his duties by 31st March 2011. On speaking with people in the know, this resignation is likely to be accepted, although his relieving date is yet to be determined by the board.

As most in the industry would know, Soota is a familiar face and an Industry veteran, with him having spent his formative years being the face of Wipro Infotech, taking it from a US$ 2 million to over US $ 500 million at the time of his departure.

As per corporate filings Soota owns a shade over 11 percent in the company he co-founded and has stated personal reasons for him to depart Mindtree. Being the perennial entrepreneur, Soota, age 67, has no plans of retiring and has stated his intent to launch a new business venture.

Will this business venture be in the same Industry? Will he keep his stake in Mindtree or will he have to reduce it? These are a few questions that will have to be answered by none other than Soota himself.