Mumbai: Sudip Banerjee, a director on the advisory board of Premji Investments, has quit the post to join L&T's IT subsidiary, L&T Infotech, as CEO. Banerjee will replace V Magapu, a director on the L&T board, who had been holding additional responsibility as CEO, L&T Infotech. Banerjee was the head of enterprise solutions division of Wipro Technologies before he moved to Premji Investments.

"We have been looking for a CEO for a long time now. The requirement was that the candidate should be acceptable, current and capable. We wanted someone from the IT industry. Wipro is one of the few companies culturally similar to L&T," Magapu told The Economic Times. Banerjee will report to Magapu and operate both from Bangalore and Mumbai, where L&T Infotech is headquartered.

The appointment of Banerjee, gives a fillip to L&T Infotech's IPO plans which have been postponed multiple times because of bad market conditions and because of revenue and profitability targets it wants to achieve before going public.