Consumer durable products maker Bajaj Electricals on Tuesday elevated its Executive Director Anuj Poddar to Managing Director and Chief Executive Officer (CEO).
The company has separated the post of Chairman & Managing Director and its patron Shekhar Bajaj will continue as Executive Chairman of the company, said a statement from Bajaj Electricals.
“The separation of the Chairman and Managing Director positions is in continuation of the professionalisation of the management of the company and marks the company’s commitment to strong corporate governance standards,” said Bajaj Electricals.
This announcement comes on the back of the ongoing transformation journey and keeping in mind the company’s long-term strategy, it added.
“Over the last three years, Bajaj Electricals has undertaken multiple initiatives, including strengthening of the leadership, streamlining of its corporate structure, the turnaround of its performance and balance sheet and the planned demerger of the EPC business,” it said.
Bajaj Electricals Chairman Shekhar Bajaj said over the last few years a significant transformation journey has been embarked at Bajaj Electricals – involving many changes on the business as well as the organisational front.
“In continuation of that, I believe this will provide further impetus to the achievement of our strategic goals and demonstrates our commitment to strong corporate governance,” he said.
Anuj Poddar said: “I am truly excited for what lies ahead of us at Bajaj Electricals – we have a clear vision and roadmap of building this future and together with our entire team, we are committed to being a best-in-class organisation that delivers superior performance and value creation.” Bajaj Electricals, part of business conglomerate Bajaj Group, had a turnover of Rs 4,813 crore in FY22.
Its business portfolio spans consumer products such as appliances, fans, lighting and EPC (illumination, power transmission and power distribution). It also has a presence in premium home appliance and cookware segments with brands like Morphy Richards and Nirlep.