Five executives of the senior management team of New York-based financial services firm Lehman Brothers' Mumbai office have quit the organisation. This has happened at a time when Lehman Brothers has been looking at strengthening Indian operations. |
Prominent among them is senior vice-president and chief administrative officer Sujit Baksi, who is joining Tech Mahindra as President Corporate Affairs. |
He, among other portfolios, would also be looking at human resource (HR) initiatives of the company, a source close to the development told Business Standard here today. |
The others who have left Lehman Brothers are Ravita Walia, head of back office; Rama Subramaniyam, head of fixed income research; Sanjay Sharma, head of security; and Shefali Suri, head of HR. |
Walia is heading for Intelenet Global Services while Subramanyam is joining ING Vysa as its vice-president (research), Sharma is moving over to Deutsche Bank and Suri is slated to join Kellogs India. |
Officials at Lehman Brothers and other executives who have left the company could not be immediately reached for comments. The reasons for the resignations are also not known. |
Tech Mahindra Corporate Head (Marketing and Communications) Rajesh Chandiramani confirmed that Sujit Baksi has committed to join the company. |
He is joining on the executive management board, which at present has three members. The other members are vice-chairman, managing director and CEO Vineet Nayar, president (International Operations) C P Gurnani and President (Strategic Initiatives) Sanjay Kalra. |
At present, Lehman Brothers outsources IT functions including software application development, applications support and some IT infrastructure support from India. |
The company is also planning to launch an investment banking unit in India this year, for clients looking at mergers and acquisitions and Initial Public Offering. |