Tyre maker CEAT Ltd on Monday said its Managing Director and CEO Anant Goenka has resigned to focus on group activities and has been named as its Vice Chairman.
The company’s board has also approved the appointment of Arnab Banerjee, currently Chief Operating Officer, as its new MD and CEO.
Goenka expressed his desire to hand over the charge of the company to a successor with a view to focus on initiatives at the group level. Accordingly, he sought to be relieved of his duties as MD & CEO of the company with effect from close of business hours of March 31, 2023, while continuing as a board member, CEAT Ltd said in a regulatory filing.
He has been MD and CEO of the company since April 1, 2012, it added.
The board has approved the appointment of Goenka as a non-executive non-independent director, designated as Vice Chairman of the company from April 1, 2023, the filing said.
CEAT said Anant Goenka, son of RPG Group Chairman Harsh Goenka, will now take up strategic functions at the group level for its next stage of growth.
“Anant-led CEAT through a highly transformative ten-year period which saw the market capitalisation of the company grow from Rs 370 crore to Rs 5,800 crore,” it added.
Further, the company said its board considered the appointment of Banerjee as Managing Director and Chief Executive Officer for a term of two years effective from April 1, 2023, in line with the succession plan.
Banerjee has executive experience of over 30 years during which he has worked in CEAT, Marico and Berger Paints.
“Under his leadership, CEAT has seen innovation in marketing, digital capabilities, sales and distribution strategy, manufacturing flexibility and seamless supply chain processes,” the company said, adding, its board had been grooming him to take over the top post at the company, giving him company-wide exposure as its Chief Operating Officer.
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