MindTree’s co-founder Ashok Soota has resigned from the company. The executive chairman of the company has submitted his resignation to the board of directors. MindTree has informed BSE, “He (Soota) has requested the board of directors to release him as an employee and also as executive chairman / member of the board by 31 March 2011.” Soota explains, “The decision to resign is for personal reasons. It is something I have thought about for a few months and arrived at a well-considered conclusion. I will finalize and announce my plans for a new business venture, shortly after my departure from MindTree.” “Since MindTree already has a CEO & MD (N Krishnakumar), transition will not pose any difficulties,” says Soota. “MindTree leaders are persons of finest financial integrity and I am confident of their ability to achieve the company’s goals.” MindTree, which offers IT services, product engineering services, independent testing and infrastructure management and technical support, was co-founded by Soota in August 1999 with nine other co-founders. The reason behind this decision might be the company’s fluctuating financials. MindTree has been facing trouble due to some bad decisions that it made, according to reports. Decision of entering the handset market by launching an Android-based 3G smartphone worked as a disaster for the company. The company had posted a 40 percent decline year-on-year (YoY) in its net profit at Rs 30.5 crore for Q3 FY11 from Rs 50.5 million in the same quarter previous fiscal.