In his new role, Shantanu Khosla will provide valuable counsel and advice to the new Managing Director on strategic matters and support the integration of Crompton and Butterfly, the company’s statement said
Crompton Greaves Consumer Electricals (CGCE) announces 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, according to the company’s statement.
According to the statement, Khosla’s elevation as Executive Vice Chairman will be relinquishing their position as the Company’s Managing Director with effect from the close of business hours on 30 April 2023.
In his new role, Khosla will provide valuable counsel and advice to the new Managing Director on strategic matters and support the integration of Crompton and Butterfly, the statement said.
Further, Mathew Job has resigned from his position as the Company’s CEO and Executive Director, to pursue other career interests and will step down as the Executive Director with effect from the 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 resolved to appoint Promeet Ghosh as the Company’s new Managing Director & CEO effective 1 May 2023.
Following the demerger of the Company and the purchase of the promoter’s stake by Advent and Temasek, 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.
Commenting on the realignment of executive leadership, Hemant Nerurkar, Chairman of the Board, Crompton Greaves Consumer Electricals welcomed 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 to the next phase of the Company’s journey, Nerurkar said.
“I am honoured to be given the opportunity to join the strong management team at CGCEL and looking forward to working closely with the key stakeholders of Crompton in stewarding the Company in the next phase of its evolution, CGCEL2.0,” Promeet Ghosh said.