Software services company, Mastek's founder and Chairman and Managing Director Ashank Desai is following the footsteps of fellow techies Narayana Murthy of Infosys and Laxminarayan of Cognizant.
Desai, who has been at the helm for more than a decade handed over charge to Sudhakar Ram, one of the founders, who has taken over as the new managing director of the Mumbai-based company.
Professionals from varied backgrounds are joining the company's board too.
Diwan Arun Nanda, who was the chief managing director of Rediffusion DY&R and Amit Shah, managing partner of Artiman Venture and Anthelion Capital have been inducted on to the board.
Desai would continue to play the role of a mentor. The company is also recasting operations by focusing more on its European insurance segment and the government sectors in the UK.
"For the next phase of growth, the company will look within and outside the company to scale and leverage the enormous business opportunities ahead of us," said Sudhakar Ram in a statement. For the year which ended on June 2004-05, Mastek posted revenues of Rs 576 crore, a 36 per cent increase over 2003-04. For the quarter which ended in December, Mastek has reported revenues of Rs 408.7 crore and net profit of Rs 21.2 crore.
Analysts said that the company is facing immense pricing pressures when it comes to software services and even outsourcing-related projects.
"The company is entering a new phase of growth and this is the time to bring in the next generation of management talent into the company," said an analyst from a Mumbai-based brokerage house.
Desai has taken a sabbatical from the day-to-day operations of Mastek and is now involved with PanIIT, a group of IITians who are looking to invest and contribute to nation building. He also held the position of chairman of NASSCOM in the late nineties.