Bajaj Electricals Limited on Wednesday announced that its Managing Director and CEO, Anuj Poddar has resigned from the position to pursue an external opportunity. The Board has accepted his resignation while recognising and acknowledging his contributions in formulating the transformation and growth journey of the company over the past five and a half years. His last date with the company shall be 30th September, 2024, it said.
“The Board of Directors, at its meeting held today, accepted the resignation of Mr. Anuj Poddar as the Managing Director & Chief Executive Officer, Key Managerial Personnel, and as a member of the Board of Directors of the Company and decided to relieve him of his duties with effect from close of business hours on September 30, 2024. The Board also expressed and placed on record its appreciation and gratitude for Mr. Anuj Poddar’s contributions to the Company during his tenure and conveyed him best wishes for his future endeavours,” the company said in a regulatory filing.
Bajaj Electricals said that Anuj Poddar has been instrumental in rolling out multiple transformative initiatives across the organisation, streamlining the corporate structure, strengthening the leadership team, consolidating the balance sheet, demerging the EPC business and bringing in a consumer-first approach, while driving a long-term growth strategy. Under his leadership, the company became net-debt-free in March’22 (a first for the company), relaunched its flagship brand ‘BAJAJ’, established the ‘House of Brands’ architecture, expanded the portfolio with a new, premium brand (Nex), signed a long-term licensing agreement for the ‘Morphy Richards’ brand, among many other achievements.
Shekhar Bajaj, Chairman, Bajaj Electricals, said, “Anuj joined us at a time when we were facing significant challenges, and he has demonstrated exceptional passion, leadership and strategic foresight in navigating our organisation into a strong position. He has embodied the values of the Bajaj Group and focused on doing what is right for the business and all our stakeholders. The Board and I have regretfully accepted his decision to pursue a professional opportunity outside the organisation. During the period of transition following his exit, as the Executive Chairman, I shall take over his responsibilities and along with our strong leadership team, we will continue to drive our future growth.”
Anuj Poddar said, “I thank our Chairman, Mr. Shekhar Bajaj, for reposing his faith in me and his constant guidance and support. I shall always remain proud of and indebted to our entire team who have been an integral part of this journey and instrumental in the success we have achieved. I remain immensely confident of the strategic trajectory we are on and wish the Board and the Company all the very best for its continued success.”
In his resignation letter, Anuj Poddar said, “I will be leaving the Company to explore an external opportunity. It has been a privilege to have been a part of the Company and to steer it through its momentous journey over the past few years. I would like to take this opportunity to thank all the Board Members and our Chairman, Mr. Shekhar Bajaj, for reposing faith in me and for the constant guidance and support extended to me during my tenure. I will always remain proud of and indebted to the entire Bajaj Electricals team who have been an integral part of this journey and instrumental in the success we have achieved.”
“I remain immensely confident of the strategic trajectory we are on and wish the Board and the Company all the very best for its continued success. I request you to kindly relieve me of my duties with effect from the close of business hours on 3 0 th September 2024.”