Mr Ashok Soota, one of the founders and executive chairman of mid-sized IT firm MindTree, on Friday put in his papers to pursue a new business venture.
Mr 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,” Mr Soota said in a statement. Since MindTree already has a CEO and MD, the transition will not pose any difficulties, he added. According to reports, the Bengaluru-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.