After losing CEO Race, Ltimindtree’s Nachiket Deshpande takes the lead in COO; leads the global AI team
Following the merger of Larsen and Toubro Infotech (LTI) and Mindtree, Deshpande joined India’s sixth largest information technology (IT) service company in November 2022 and will be responsible for LTIMINDTREE’s global AI services president, strategic transactions, strategic transactions and partners president, which is to reach LTIMINDTREE’s president. Mint Already seen.
“In the past 24 months, the development of the AI stack has been to bring the software and service paradigms closer together and create new boundaries of opportunity,” Lambu said in the letter.
He added: “We must adopt a new script to win this “new AI economy.” This strategic appointment demonstrates our commitment to becoming an active, agile organization, leveraging the rapid development trend and strengthening our position as an industry leader.
Ltimindtree has not disclosed the change to the stock exchange, nor has it recommended a new COO.
The Mumbai-based company announced that Lambu (formerly the CEO of Randstad Digital) was CEO in late January. He is expected to take over as Debashis Chatterjee, who has led Ltimindree for five years since its founding three years ago.
Ltimindtree confirmed the content of the Lambu letter, but did not respond to other specific queries.
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Lambu effect
Four other senior executives left Ltimindtree this year.
Anshuman Singh, head of global interaction, left the company in January as CEO of Hinduja Global Solutions. Sudhir Chaturvedi is the president of global markets and the leader in Chatterjee’s successor Chatterjee and is now the chief growth officer of NTT Data Ltd.
Rohit Kedia resigned as chief growth officer of Ltimindtree in February and took over as CEO of Xoriant. Ltimindtree’s chief delivery officer Vikash Gaur also resigned in February.
The switch of the DeShpande character is when CEO-DESINGATE LAMBU brings a series of changes in Ltimindtree. The company’s main focus is profitable growth in 2025-26.
“LTIM is developing a 5-year plan. The desire is to grow significantly in the initial margin target of 17-18%, higher than the growth rate of Level 1 IT.
Ltimindtree ended 12 months to March 2024, with revenue of $4.3 billion, an increase of 4.4% per year. But its operating margin fell by 50 basis points to 15.7%.
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“LTIM will cease the role of sales executive. The main business leaders will report directly to the CEO. Other direct reporting personnel of the CEO will include the CDO (Chief Delivery Officer), Chief Growth Officer, CFO and other functional heads. LTIM will also refresh or strengthen leadership in certain areas,” Kotak analysts wrote in the report.
The second analyst said Lambu is not much different from Chatterjee.
“DC (Debashis Chatterjee) brings this person so there won’t be a significant change in the way the company runs. The only difference is that Venu Lambu is more sales-oriented and the company will be more aggressive when it comes to customer conversations,” said an anonymous analyst in Mumbai.
Lambu and Chatterjee worked at NASDAQ-listed Cognizant Technology Solutions Corp. between 2012 and 2019, before reuniting at Mindtree a year later.
Focus on big deals
According to Kotak analysts, outgoing CEO Chatterjee and Chief Financial Officer Vipul Chandra Interactive Kotak analysts, Ltimindtree intends to focus on big deals and may even set up a team to focus on it.
When customers narrow the focus of software vendors in terms of macroeconomic uncertainty and the need for non-essential technology work is to narrow their software vendors.
“The focus is on improving the winning rate and being smart about participating in the RFP (requiring a proposal, or initial bid on the project). US$50-100 MN TCV (total contract value) trading is a best option. “The focus is on $100+ deals,” Kotak analysts said. ”
As of December, Ltimindtree has two clients earning more than $100 million in revenue each year.
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Ltimindtree has also launched a “future-friendly” plan to increase operating margins by cutting excess costs associated with delivery and services, two executives who declined to disclose the book said.
India’s IT services industry is experiencing prolonged global uncertainty, especially in the largest market in the United States.
Kotak Institutional Stocks, JM Financial, Motilal Oswal and Morgan Stanley predict that India’s $283 billion IT industry will grow slowly as concerns surrounding U.S. tariffs and high loan rates may prevent investment in technology.
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