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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, will also be looking at human resource initiatives of the company, a source close to the development told Business Standard in Bangalore yesterday.
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 plans to launch an investment banking unit in India this year, for clients looking at mergers and acquisitions and Initial Public Offering.
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