Bangalore, Apr 1: Mid-size IT firm, Mind Tree, which announced the appointment of a new Chairman, Albert Hieronimus, today said it would focus on certain verticals and pursue those customers which had the potential to grow.
The company, which had witnessed the exit of co-founder Ashok Soota as Executive Chairman,today said their strategy would be to grow it to be a billion dollar firm in the coming years and to focus on chosen areas and chosen customers and try to be specialised instead of being too broad based.
Krishnakumar Natarajan, CEO and MD, MindTree said, the company would "drop some of its customers".
The company would execute the current projects of these customers and would not pursue any new projects with these customers, he told a press conference got up to announce the appointment of a new Chairman.
"We will work closer with chosen customers and work deeper with them", he said.
The company said it would work with accounts that had the potential to grow into 50 million dollar accounts for Mind Tree.
"Our next stage is to get deeper into customer business", Natarajan said.
In the IT services, the company said it would focus on verticals like manufacturing, banking, financial services, certain sections within insurance and travel.
Subroto Bagchi, Vice Chairman,Member Investment Grievances Committee declined to agree that it had underperformed as a company given the growth of customers and employees.
Albert said the message to its shareholders, who have been perhaps irritated over the recent developments, was "Mind Tree has a strong team, it has vision and their investment is a good investment", he said.
The company had posted a 40 per cent year-on-year decline in its net profit for fiscal year 2011.
Stepping into Soota's shoes, he said "was a big responsibilty and a big opportunity".
His role would be to lead the team and not the business. The management, however, declined to answer any questions relating to events that led to the exit of Soota.
The new proposed strategy would taken up at the board meeting scheduled on April 20.