Top Mahindra Satyam executive Keshab Panda has put in his papers. Panda, who was

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jointly heading the all-important US operations for the company as well as its manufacturing & automotive group, announced his decision to the company management on Monday, a person close to the development told Financial Chronicle.

“Panda had expressed his desire to resign from his position some time ago. The leadership was trying to persuade him against this. But, finally he seems to have made up his mind,” the person said. “He would be joining another IT services company.”

The development comes as a blow to the Hyderabad-based company as the manufacturing and automotive group contributes almost $400 million to Mahindra Satyam’s top-line.

Panda was appointed to the position in February after company veteran Subu Subramanian quit in the aftermath of the revelation of the Rs 7,000-crore scam.

Panda took over as the head of the US operations after interim CEO Ram Mynampati stepped down.

In a press statement, Mahindra Satyam confirmed Panda’s resignation. “Rakesh Soni, chief operating officer of Mahindra Satyam, will be leading the business development and delivery operations for the American market and for the manufacturing, commercial and services verticals,” the statement said.

The IT company has seen an exodus of senior executives over the last one month. Those who have quit include Nick Sharma, senior VP, infrastructure management services; Sriram Papani, head, enterprise architecture and Ravi Bommakanti, head of delivery.