Shree Cement elevates Hari Mohan Bangur as chairman, Ambuja ex-CEO roped in as MD

Shree Cement, the country’s third-largest cement group, on Friday said its board has approved the elevation of managing director Hari Mohan Bangur as the chairman. The board has also cleared the appointment of Neeraj Akhoury, former MD & CEO of ACC and Ambuja Cement, as its managing director for a term of five years.

In a stock exchange filing, Shree Cement said the board in its meeting approved the change in designation of Hari Mohan Bangur from “managing director” to “chairman” of the company with effect from October 15 for the remaining period of his current tenure i.e. up to March 31, 2026, subject to approval of the members.

“The board of directors of the company in its meeting held on Friday appointed Neeraj Akhoury as additional director designated as managing director of the company w.e.f October 14 for a term of 5 years, subject to approval of the members of the company,” Shree Cement said. Akhoury brings with him around 28 years of “rich experience” in the steel and cement industries.

The cement major informed that Benu Gopal Bangur, chairman of the company, having been at the helm of it since incorporation, considering his advanced age, tendered his resignation as director and chairman with effect from close of the business hours on Friday. “Mr Benu Gopal Bangur has made a huge contribution to the success of the company. Considering his vast experience and long association with the company, the board of directors at its meeting held today (October 14, 2022) has approved his appointment as ‘Chairman Emeritus’ of the Company w.e.f. 15th October, 2022,” the company informed in the stock exchange filing.

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The company also informed that its board approved the change in designation of Prashant Bangur from “joint managing director” to “vice chairman” for the remaining period of his current tenure i.e. up to March 31, 2027 subject to approval of the members.

The company reported a 67.18% year-on-year decline in its standalone net profit to Rs 189.60 crore for the second quarter this fiscal, compared with the net profit of Rs 577.70 crore a year ago. Revenue from operations rose 17.91% to Rs 3,780.90 crore, compared to Rs 3,206.67 crore in the year-ago period, according to a separate stock exchange filing.