Ashok Soota, one of the founders and executive chairman of mid-sized IT firm MindTree, today put in his papers to pursue a new business venture.
Soota, who co-founded MindTree in August 1999, cited personal reasons for his resignation from the company and its board. He is expected to leave office by March 31, 2011.
"The decision to resign is for personal reasons...I will finalise and announce my plans for a new business venture shortly, after my departure from MindTree," Soota said in a statement.
Since MindTree already has a CEO and MD, the transition will not pose any difficulties, he added.
MindTree offerings include IT services, product engineering services, independent testing and infrastructure management and technical support.
According to reports, the Bangalore-based company has been facing trouble, as some of its big bets like launching a 3G smartphone based on the Android platform, have not worked for the company.
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Founded by former Wipro leaders like Soota and Subroto Bagchi, the IT and product engineering services firm had posted a 40 per cent decline year-on-year (YoY) in its net profit at Rs 30.5 crore for Q3 FY11 from Rs 50.5 crore in the same quarter previous fiscal.
Mindtree had acquired Kyocera India's R&D centre in October 2009 to work on IPR in the 4G wireless long-term evolution wireless infrastructure and the 3G smartphone.
However, a year later, the company said it would convert that business into R&D services for network infrastructure and handset firms.