L&T asks Mindtree CEO to step down: report

L&T has asked Rostov Ravanan, the CEO of Mindtree, to step down in a meeting between the L&T top brass and the Mindtree Management, according to a report by the Times of India.

There was widespread speculation that Ravanan would step down post the hostile takeover of Mindtree by L&T. 

The engineering giant recently acquired a 60% stake in Mindtree and made its intentions clear in wanting to recast the top management of the Bengaluru-based IT services company.

Tech Mahindra

CP Gurnani, CEO of Tech Mahindra, has taken home Rs 22.3 crore in 2019. The company’s annual report said Rs 17.8 crore was earned by exercising stock options, according to ETCIO.com.

The salary is a sharp drop from FY18 when Gurnani’s income was Rs 146 crore out of which  Rs 142 crore was earned through trading stock options. His gross salary had increased by only Rs 11 lakh to Rs 2.89 crore in FY19 compared to Rs 2.77 crore in FY18.

Gurnani’s earnings have been significantly higher than other heads of IT companies in the last few years. While TCS chief executive Rajesh Gopinathan took home Rs 16 crore in fiscal 2019, Wipro’s CEO Abidali Neemuchwala’s salary was  Rs 27 crore in fiscal year 2019.

Red Hat 

Red Hat has appointed Marshal Correia, the former managing director of DXC,as the new MD of Red Hat India. The leader in enterprise open source solutions has appointed Correia a year after Rajesh Rege quit Red Hat to join Microsoft, according to a report by the Times Of India.

Working out of the Red Hat office in Mumbai, Marshal will report directly to Dirk-Peter van Leeuwen, General Manager for Red Hat, APAC.

Correia has worked in the IT industry for close to three decades and has experience in the IT industry, including sales, consulting, service delivery and customer engagement.