He has been appointed as an executive director on the board with effect from 24 April 2023 and will assume charge as the managing director and CEO from 1 May 2023 until 30 April 2028.
Promeet Ghosh is a graduate in Engineering (Electrical & Electronics) from National Institute of Technology, Trichy and an MBA from Indian Institute of Management, Calcutta. He was an investment banker for two decades and has served as director on boards of various companies across sectors.
He has worked with DSP Merrill Lynch for 18 years and helped build its M&A franchise. Thereafter, Ghosh was deputy head Temasek India. He served as an advisor to Temasek until March 2023. Ghosh has been on the company's board since 2016.
Meanwhile, Mathew Job has resigned from his position as the company's CEO and executive director, to pursue other career interests. He will step down as the executive director with effect from close of business hours on 24 April 2023 and as the CEO with effect from the close of business hours on 30 April 2023. During his notice period over the next three months, Job will work closely with the new managing director to ensure a smooth transition.
The board has also announced that Shantanu Khosla has been appointed and elevated as the executive vice chairman for a period of one year from 1 May 2023 till 30 April 2024 and thereafter as non executive vice chairman till 31 December 2025. In view of his elevation as executive vice chairman, he will be relinquishing his position as the company's managing director with effect from the close of business hours on 30 April 2023.
Hemant Nerurkar, chairman of the board, Crompton Greaves Consumer Electricals, stated, ?On behalf of the board of directors, I would like to welcome Promeet Ghosh as the new MD & CEO of Crompton Greaves Consumer Electricals. His deep understanding of businesses, and drivers of sustainable value as an engaged long term equity investor and an M&A Banker, his strong familiarity with the company and his leadership style, will contribute greatly in the next phase of the company's journey I look forward to Shantanu Khosla's valuable inputs and advice on strategic matters, in his role as an executive vice chairman. Further, I would also like to thank Mathew Job for his leadership and many contributions in building up the company over the past seven and a half years and wish him all the best for his future endeavors.?
Promeet Gosh said, ?I am honored to be given the opportunity to join the strong management team at CGCEL. Crompton has enjoyed the enduring trust of consumers for over 90 years and is uniquely positioned to seize rapidly emerging market opportunities in the consumer electricals space. I look forward to working closely with the key stakeholders of Crompton in stewarding the Company in the next phase of its evolution, CGCEL2.0.?
Crompton Greaves Consumer Electricals manufactures and markets a wide spectrum of consumer products, ranging from fans, lamps and luminaries to pumps and household appliances such as water heaters, coolers, mixer grinders and irons.
The company reported 41% decline in consolidated net profit to Rs 88.19 crore despite of 7.5% rise in net sales to Rs 1,516.21 crore in Q3 FY23 over Q3 FY22.
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