Raymond has named Amit Agarwal as its new CFO. Amit replaces Sanjay Bahl who has relinquished his position.
Prior to joining Raymond, Agarwal, who was the CEO of Jindal Coated Steel Products Ltd. He has assumed the new role with effect from July 2, the company stated in a regulatory filing.
Meanwhile, Bahl, who was the Raymond CFO for about five years, will continue to be associated with the fabric and garments company as an advisor for six months to support the leadership team through the transition period, the company said.
During his tenure, Bahl was instrumental in steering the group through GST implementation, demonetization, and now COVID-19. He also made significant contributions in facilitating the sale of a part of the company's Thane land and strategizing the demerger of the group's lifestyle business into a separate legal entity.
Amit meanwhile is a veteran CFO having worked with large corporations like Arcelor Mittal, Essar Steel, Suzlon, and Jet Airways where he was the CFO and Acting CEO. He joins Raymond at a crucial juncture when the business is witnessing tough market conditions on account of the COVID-19 impact. At the same time, the group is also in the process of de-merger that would lead to two separate listed entities. It is during this strategic time that the group is banking on leveraging his vast experience in steering the company through.