Pennar Group has announced a leadership transition. As per the company, Nrupender Rao, Chairman has decided to step down from his position and R V S Ramakrishna has been appointed as the new independent chairman of the group.
Nrupender Rao will now bear the title of chairman emeritus, the company stated.
Over the years, under Rao’s leadership, Pennar Group has expanded from a commodity steel manufacturer to a multinational engineering company with presence in the Automotive, Hydraulics, Energy, Infrastructure and Engineering Services verticals.
Speaking on the announcement, Nrupender Rao, chairman emeritus and founder of Pennar Group, “Pennar Group has been the most important part of my life. From a humble beginning, the company has emerged as an engineering major in the last four decades on the back of unwavering commitment of its workforce, passionate customer service, and following the best corporate governance practices in the industry. In a world where technology has been evolving consistently, Pennar Group’s growth has been exemplary leveraging all emerging technologies. As the company prepares for its next phase of growth with a wide international footprint, R V S Ramakrishna’s appointment as chairman will continue to foster a high growth and entrepreneurial culture at Pennar Industries”.
Notably, Ramakrishna has a professional journey in the engineering sector spanning more than four decades. An engineering graduate in Chemical Technology from Birla Institute of Technology and Science (BITS) Pilani; he started his career with Coromandel Fertilisers Limited, Visakhapatnam as a graduate engineer trainee. Ramakrishna pursued PGDM from the Indian Institute of Management, Ahmedabad in 1982. Post completion, he joined ITW Signode India Ltd as an area sales executive based in Jamshedpur. Owing to his engineering prowess and business acumen, he was inducted on the Board of ITW Signode in 1995 as a whole time director to head its Steel Business.
He went on to lead ITW Signode India Ltd as its managing director from June 1999 and as group president- APAC and MEA regions comprising Signode India, China, MEA, Japan, Korea, and ASEAN in 2011. Ramakrishna retired from his executive roles on December 31, 2020. He held the position of the chairman of the Indian Institute of Packaging from 2016 to 2019 and was also an active member of CII (AP and Telangana).
“The legacy that Rao leaves behind is monumental. His impact on Pennar Group and the industry as a whole is immeasurable. I am honored to take on this role and am fully committed to driving Pennar’s growth trajectory. I am confident, with the continued support from our talented team and stakeholders, we’ll reach unprecedented heights,” R V S Ramakrishna stated.