Escorts Kubota’s Chief Executive Officer – Agri Machinery Business, Ajay Mandhar, has tendered his resignation citing personal reasons on June 20.
As per a regulatory filing by Escorts Kubota, Shenu Agarwal, the President of Agri Machinery and Construction Equipment Business, will take over as interim CEO till a new CEO is nominated.
The company stated, “Ajay Mandhar, Chief Executive Officer, Agri Machinery Business, is not a designated Key Managerial Person as per Companies Act, 2013, and this intimation is being provided as a good governance practice.”
Earlier this month, Escorts rebranded itself to Escorts Kubota after Kubota purchased new equity shares from the tractor and farm equipment manufacturer and increased its stake to 44.8 per cent.
