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How Mindtree stopped worrying and learnt to love L&T. Result? 2X jump in margins, share price and a fat deal book.

Naomi Gleit

Debashis Chatterjee, CEO, Mindtree

Synopsis

August 2019. Following an acrimonious takeover by L&T, Mindtree’s top leadership had quit. The company was adrift, and clients were jittery. That’s when Chatterjee stepped in. Two years hence, and despite the pandemic, Mindtree’s margins have nearly doubled and confidence about growth has returned. Here’s the inside story of how Mindtree’s CEO steadied the ship and is turning it around.

When Debashis Chatterjee took over as CEO of Mindtree in August 2019, he was edgy. That’s expected while beginning a new job — Chatterjee had left Cognizant to lead the mid-tier IT company — but what he would have to overcome went beyond first-day nerves. After a bitter takeover battle with industrial conglomerate L&T, all of Mindtree’s promoters and half of the executive leadership just below the CEO had left. On Chatterjee’s first day, the

( Originally published on May 06, 2021 )

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