Foseco India appoints Prasad Chavare as MD & CEO
On the recommendation of the Nomination and Remuneration Committee, the Board of Directors of Foseco India Ltd has appointed Prasad Chavare as an Additional Director on the Board of the Company with effect from 6th May 2021.
Prasad has also been appointed and designated as the Managing Director and Chief Executive Officer (MD & CEO), for a period of 5 years with effect from 1st June 2021 up to 31st May 2026. His appointment will be subject to the approval of the Shareholders of the Company at the forthcoming Annual General Meeting of the Company. He will be liable to retire by rotation.
Prasad, aged 45 years, is a Bachelor of Engineering (Mechanical) from Pune University. Additionally, he has done Master of Business Administration in Marketing Management from Pune University.
He is having rich and extensive experience of over two decades spanning across continents and diverse industries such as Automotive, Power Generation, Turnkey Projects, Construction and Building Materials. With an international stint of seven years and leading cross-functional regional and global teams, he brings in his diverse experience in Business Turnaround and Business Operations Restructuring, Strong P&L Management, Sales, Marketing, Six Sigma and Supply Chain Management.
Prasad’s last assignment was with Cummins Technologies India Private Limited, as a Wholetime Director and a country leader, having spent a significant portion of his experience in the manufacturing and engineering sector with Cummins and has also worked with Hilti India.
With Cummins, he was leading the overall Cummins Turbocharger India business by managing multisite manufacturing plants, building strong customer relationships, developing the overall business plans for profitable growth, driving safety, and continuous improvement across all functions.