Subroto Bagchi has been appointed as the new Chairman of MindTree Ltd, with effect from April 1, 2012.

Bagchi, who has been working as the vice-chairman, is one of the founders of the company. He will now replace Albert Hieronimus, who will now become the vice chairman. MindTree had appointed Hieronimus as the non-executive chairman of the company in April 2011, following the resignation of then executive chairman and one of the founders, Ashok Soota.

The position swap comes at a time when the company is aiming to recover from its wrong decision to enter the telecom products manufacturing business, which cost the company millions of dollars. Mr Hieronimus said that the company has recovered from bad times and now it is time for the next phase of growth and it the time to bring in Mr Bagchi to lead the team.

"It's an honour to be elected as Chairman of the Board of one of the most admired companies in the industry," Bagchi said in a statement.

The company also said that Board of Directors George M Scalise and N Vittal are stepping down on attainment of retirement age and Mark A Runacrea is leaving due to personal reasons. The will continue to work with the company till March 31, 2012.

MindTree CEO and MD Krishnakumar Natarajan said that the new appointments shows that the company is aiming to become a leading player in the glboal software services industry.