Tyre maker CEAT Ltd on Monday introduced that its managing director and CEO Anant Goenka was stepping apart to deal with group actions and has been named the group’s vice chairman.
The corporate’s board knowledgeable that it had additionally appointed Arnab Banerjee, at the moment Chief Working Officer, as its new MD and CEO.
Goenka expressed his want handy over the cost of the corporate to a successor with a view to deal with initiatives on the group stage. Accordingly, he sought to be relieved of his duties as MD & CEO of the corporate with impact from shut of enterprise hours of March 31, 2023, whereas persevering with as a board member, CEAT Ltd stated in a regulatory submitting.
He has been MD and CEO of the corporate since April 1, 2012, it added.
The board has permitted the appointment of Goenka as a non-executive non-independent director, designated as Vice Chairman of the corporate from April 1, 2023, the submitting stated.
CEAT stated Anant Goenka, son of RPG Group Chairman Harsh Goenka, will now take up strategic capabilities on the group stage for its subsequent stage of progress.
“Anant-led CEAT by means of a extremely transformative ten-year interval which noticed the market capitalisation of the corporate develop from Rs 370 crore to Rs 5,800 crore,” it added.
Additional, the corporate stated its board thought of the appointment of Banerjee as Managing Director and Chief Government Officer for a time period of two years efficient from April 1, 2023, according to the succession plan.
Banerjee has govt expertise of over 30 years throughout which he has labored in CEAT, Marico and Berger Paints.
“Beneath his management, CEAT has seen innovation in advertising, digital capabilities, gross sales and distribution technique, manufacturing flexibility and seamless provide chain processes,” the corporate stated, including, its board had been grooming him to take excessive publish on the firm, giving him company-wide publicity as its Chief Working Officer.
(With inputs from PTI)