Voltas, the Tata Group-owned air conditioner maker, is currently facing a significant talent exodus.
The company has seen numerous senior and mid-level executives leave, primarily due to the relocation of its operational headquarters and changes in job titles.
The relocation process began in mid-2023, with top executives initially required to work out of Mumbai for two days a week.
This process was formalized in January 2024 and completed in October 2024.
Most of the executives in Delhi-NCR were reluctant to relocate, even after the company offered them a one-time compensation to shift to Mumbai.
Impact of Job Title Changes at Voltas
In 2022-23, Voltas streamlined its job titles, reducing them to just three categories: executives, managers, and heads.
The company aimed to reduce the annual promotion exercise through this restructuring. Many employees felt it was limiting their chances for growth within the organization.
Several key executives have left Voltas since October 2024, including Managing Director & CEO Pradeep Bakshi, Chief of Marketing Deba Ghoshal, Strategy Head Dinesh Singh, Business Head (Commercial Refrigeration) Arvinder Singh, Business Head (Commercial AC) Rakesh Tripathi, Chief of HR Narendran Nair, Head of Corporate Finance Manish Desai, and AC Business Finance Head Prasanna Patro.
In response to the talent exodus, Voltas has appointed Mukundan C.P. Menon, the current Executive Director, as Managing Director.
The company has appointed Sonia Singh as an Additional Director and Non-Executive Independent Director for a term of 5 years.
Company’s Response
Voltas has stated that the restructuring aims to enhance collaboration and customer centricity.
The company emphasized that it has always headquartered in Mumbai.
The move from Delhi is part of a long-term strategy aimed at fostering closer alignment, accelerated execution, and cross-functional engagement.
Voltas’ stocks were trading down after posting weaker-than-expected third-quarter earnings on January 29, 2025.
The company reported a net profit of Rs 132 crore in the December 2024 quarter, compared to a Rs 30 crore loss reported in the corresponding quarter of the previous financial year.
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