Capital Foods has announced the elevation of Navin Tewari to the position of managing director and chief executive officer with effect from January 1, 2021. He succeeds the founder, Ajay Gupta, who will now be the non-executive chairman.
Tewari joined the company in early 2019 as the chief executive officer. “Under his leadership, the company has achieved well-rounded performance with – top-line growth in excess of 50%; expansion beyond the western region to a pan-India presence across categories; and enhanced production capacity with an increased footprint in Karnataka, Haryana and Himachal Pradesh,” the company said in a statement. Capital Foods is backed by marquee private equity firms, The Invus Group and General Atlantic.
Capital Foods has registered impressive performance under Navin’s leadership as CEO, Shantanu Rastogi, managing director, India and Southeast Asia at General Atlantic said. “His ability to drive growth is not limited to exceptional financial performance, but also extends to organisation building in areas of capacity expansion, market strategy, product offerings, and people management. The company is at an inflection point of growth and we look forward to having Navin lead the company in his new capacity as the MD, to continue Capital Food’s journey of growth and innovation,” he added.
Navin’s expertise of leading multicultural Indian businesses gives him an edge to cultivate and maintain a healthy culture in the organisation, Francis Cukierman, managing director, private equity, Asian Emerging Markets, The Invus Group said. “His focus on building and strengthening relationships across consumers, distribution partners, retailers, and employees creates a pathway for future growth. We are certain that Navin will continue to drive great performance at Capital Foods’ and build on the foundation that Ajay Gupta has paved, to take Capital Foods to greater heights.”
“Since his joining Navin has rapidly built and grown the scale of the company while preserving the culture and strengthening partner relationships. I am certain that going forward Capital Foods will flourish under his leadership and contagious enthusiasm,” Ajay Gupta, non-executive chairman, Capital Foods said.