Crompton Greaves Consumer Electricals has announced the elevation of Shantanu Khosla as the Executive Vice-Chairman for a period of one year from May 1, 2023 till April 30, 2024, and thereafter as ‘Non-Executive Vice-Chairman’ till December 31, 2025.
Khosla will be relinquishing his position as the Company’s Managing Director with effect from April 30, 2023.
In his new role, Khosla will provide counsel and advice to the new Managing Director on strategic matters and support the integration of Crompton and Butterfly.
The company further announced that Mathew Job has resigned from his position as the Company’s CEO and Executive Director, to pursue other career interests.
He has stepped down from the post of Executive Director from April 24, 2023, and will stop functioning as the CEO on April 30, 2023.
During his notice period over the next three months, Job will work 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 and CEO effective May 1, 2023.
Following the demerger of the company and the purchase of promoter’s stake by Advent and Temasek, Ghosh has been engaged with the operations on the company’s Board. He has been on the Board of the Company since 2016. Until March 2022, Ghosh was Temasek India Deputy Head, leading the team on the ground for ten years.
Prior to joining Temasek, he was an M&A/investment banker for two decades including eighteen years at DSP Merrill Lynch.
Hemant Nerurkar, Chairman of the Board, Crompton Greaves Consumer Electricals, stated, “On behalf of the Board of Directors, I would like to welcome Mr Promeet Ghosh as the new MD and CEO of Crompton Greaves Consumer Electricals Limited. 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 in the next phase of the Company’s journey. The Board of Directors looks forward to working with him and is confident that Mr Ghosh will lead the Company to greater heights. On behalf of the Board, I look forward to Mr Shantanu Khosla's valuable inputs and advice on strategic matters, in his role as an Executive Vice-Chairman. Further, I would also like to thank Mr Mathew Job for his leadership and many contributions in building up the Company over the past seven and a half years and wish him all the best for his future endeavours.”
Ghosh said, “I am honoured to be given the opportunity to join the strong management team at CGCEL. Crompton has enjoyed the enduring trust of consumers for over 90 years and is uniquely positioned to seize rapidly emerging market opportunities in the consumer electricals space. I look forward to working closely with the key stakeholders of Crompton in stewarding the Company in the next phase of its evolution, CGCEL2.0.”
Khosla commented, “I welcome Mr Promeet Ghosh on board, as Managing Director. He combines a deep understanding of our business built over his long association with Crompton as well as markets. With him as Managing Director, the Company is well positioned to achieve greater success in the coming years. I would also like to thank Mathew for his leadership. It has been a wonderful experience collaborating with Mr. Job over the past several years. I wish him every success in his next venture.”
Job commented, “It has been a privilege to work with everyone at Crompton Greaves Consumer Electricals over the last seven and a half years and to serve as the CEO and Executive Director. I wish the Board, management, and Mr Promeet Ghosh all the best in taking the Company forward and further building on its strong market position.”
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