Crompton Greaves Consumer Electricals announces that Mr. Shantanu Khosla has been appointed and elevated as the Executive Vice Chairman for a period of 1 year from May 1, 2023, till April 30, 2024, and thereafter as ‘Non-Executive Vice Chairman’ till December 31, 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 April 30, 2023. In his new role, Mr. Khosla will provide valuable counsel and advice to the new Managing Director on strategic matters and support the integration of Crompton and Butterfly.
Further, Mr. 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 April 24, 2023, and as the CEO with effect from the close of business hours on April 30, 2023. During his notice period over the next three (3) months, Mr. Job will work closely with the new Managing Director to ensure a smooth transition.
The Board has resolved to appoint Mr. Promeet Ghosh as the Company’s new Managing Director & CEO effective May 1, 2023.
Following the demerger of the Company and the purchase of promoter’s stake by Advent and Temasek, Mr. Ghosh was closely engaged with the operations of the Company on the Company’s Board, as it went on to establish itself as a major professionally run consumer electricals company. He has been on the Board of the Company since 2016.
Until March 2022, Mr. Ghosh was Temasek India Deputy Head, leading the team on the ground for ten years. During Mr. Ghosh’s tenure, Temasek’s direct India portfolio exposure grew significantly. As an investor representative, in positions of significant influence, Mr. Promeet Ghosh has been actively involved with managements of various businesses across sectors in India. Prior to joining Temasek, he was a leading M&A / investment banker for two decades including eighteen years at DSP Merrill Lynch.
Commenting on the realignment of executive leadership, Mr. Hemant Nerurkar, Chairman of the Board, Crompton Greaves Consumer Electricals Limited, stated, “On behalf of the Board of Directors, I would like to welcome Mr. Promeet Ghosh as the new MD & CEO of Crompton Greaves Consumer Electricals Limited. 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.
The Board of Directors looks forward to working with him and is confident that Mr. Ghosh will lead the Company to greater heights. On behalf of the Board, I look forward to Mr. 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 Mr. 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 Ghosh 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.”
Shantanu Khosla commented, “I welcome Mr. Promeet Ghosh on board, as Managing Director. He combines a deep understanding of our business built over his long association with Crompton as well as markets. With him as Managing Director, the Company is well positioned to achieve greater success in the coming years. I would also like to thank Mathew for his leadership. It has been a wonderful experience collaborating with Mr. Job over the past several years. I wish him every success in his next venture.”
Mathew Job commented: “It has been a privilege to work with everyone at Crompton Greaves Consumer Electricals Limited over the last seven and a half years and to serve as the CEO & Executive Director. I wish the Board, management, and Mr. Promeet Ghosh all the best in taking the Company forward and further building on its strong market position.”
