Crompton Greaves Consumer Electricals names Promeet Ghosh as new MD & CEO as Mathew Job resigns
Crompton Greaves Consumer Electricals Limited (CGCEL) has appointed Promeet Ghosh as the company’s new Managing Director (MD) and Chief Executive Officer (CEO) effective May 1, 2023.
The current CEO and Executive Director, Mathew Job, has resigned from his position to pursue other career opportunities. Job will step down from his role as Executive Director on April 24, 2023, and as CEO on April 30, 2023. During his notice period over the next three months, Job will work closely with Ghosh to ensure a smooth transition.
Following the demerger of the company and the purchase of promoter’s stake by Advent and Temasek, Ghosh was closely engaged with the operations of the company on the company’s Board, as it went on to establish itself as a major professionally run consumer electricals company.
He has been on the board of the company since 2016. Until March 2022, Ghosh was Temasek India Deputy Head, leading the team on the ground for ten years. During Ghosh’s tenure, Temasek’s direct India portfolio exposure grew significantly. As an investor representative, in positions of significant influence, Ghosh has been actively involved with managements of various businesses across sectors in India. Prior to joining Temasek, he was a leading M&A/investment banker for two decades including eighteen years at DSP Merrill Lynch.
“Crompton has enjoyed the enduring trust of consumers for over 90 years and is uniquely positioned to seize rapidly emerging market opportunities in the consumer electricals space. I look forward to working closely with the key stakeholders of Crompton in stewarding the company in the next phase of its evolution, CGCEL2.0,” said Ghosh
The company also announced that Shantanu Khosla has been appointed and elevated as the Executive Vice Chairman for a period of one year from May 1, 2023 till April 30, 2024, and thereafter as ‘Non Executive Vice Chairman’ till December 31, 2025. In view of his elevation as Executive Vice Chairman, he will be relinquishing his position as the company’s MD with effect from April 30, 2023. In his new role, Khosla will provide valuable counsel and advice to the new MD on strategic matters and support the integration of Crompton and Butterfly.
Hemant Nerurkar, Chairman of the Board, Crompton Greaves Consumer Electricals said Ghosh’s deep understanding of businesses, and drivers of sustainable value as an engaged long term equity investor and an M&A banker, his strong familiarity with the company and his leadership style, will contribute greatly in the next phase of the company’s journey.
“On behalf of the board, I look forward to Shantanu Khosla's valuable inputs and advice on strategic matters, in his role as an Executive Vice Chairman. Further, I would also like to thank Mathew Job for his leadership and many contributions in building up the company over the past seven and a half years and wish him all the best for his future endeavours,” he added.
Khosla said Ghosh combines a deep understanding of our business built over his long association with Crompton as well as markets. “With him as MD, the company is well positioned to achieve greater success in the coming years. I would also like to thank Mathew for his leadership. It has been a wonderful experience collaborating with Job over the past several years. I wish him every success in his next venture,” he added.