Arnab Banerjee Named As New MD of CEAT, Amid CEO Anant Goenka’s Resignation
The company stated that its board of directors considered appointing Banerjee as Managing Director and Chief Executive Officer for a two-year term beginning April 1, 2023, under the succession plan.
CEAT Ltd. announced on Monday that Anant Goenka, its Managing Director and CEO, has resigned to focus on group activities and has been appointed as Vice Chairman.
The board of directors has approved the appointment of Arnab Banerjee, currently Chief Operating Officer, as the company's new MD and CEO.
Anant Goenka, MD and CEO of the Company since April 1, 2012, stated his desire to transfer the Company's leadership to a successor, as the Board may decide, to concentrate on group-level activities. As a result, he requested to be released from his responsibilities as MD & CEO of the Company effective March 31, 2023, at the close of business, while remaining a Board member, according to CEAT in the filing.
Anant Goenka has been appointed as a non-executive non-independent director and has been designated as the company's vice chairman, effective from April 1, 2023, subject to member and other applicable approvals.
Anant Goenka, son of RPG Group Chairman Harsh Goenka, will now take on strategic functions at the group level for the company's next stage of growth, according to CEAT.
"Anant led CEAT through a highly transformative ten-year period that saw the company's market capitalization grow from Rs 370 crore to Rs 5,800 crore," the statement continued.
Furthermore, the company stated that its board of directors considered appointing Banerjee as Managing Director and Chief Executive Officer for a two-year term beginning April 1, 2023, under the succession plan.
Banerjee has over 30 years of executive experience, having worked at 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 that the company's board had been grooming him to take over the top post, giving him company-wide exposure as its Chief Operating Officer.
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