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Tag: managing director

  • BharatPe co-founder Ashneer Grover resigns as MD and CEO

    BharatPe co-founder Ashneer Grover resigns as MD and CEO

    Mumbai: Ashneer Grover, the co-founder of financial technology firm BaharatPe has resigned from the company’s board as managing director and chief executive officer on Tuesday.

    In his resignation letter, Grover said that he was forced to resign from the company by its investors.

    Grover, in his resignation letter, wrote, “I am being forced to bid adieu to a company of which I am a founder. I say with my head held high today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately I have been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect.”

    “From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am now wasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what is actually at stake – BharatPe,” he added in his letter.

    Grover’s resignation came a few days after he lost an arbitration that he had filed against the company’s investigation against him, with an emergency arbitrator held that there was no ground to stop governance review at the firm.

    Earlier in January, Grover went on a two-month leave of absence following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices, had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company’s investigation against him was illegal.

    Last week, Madhuri Jain Grover, the former operations head of BharatPe and wife of Grover was fired from the company. 

  • Anuj Jain named as Kansai Nerolac Paints MD

    Anuj Jain named as Kansai Nerolac Paints MD

    Mumbai: Kansai Nerolac Paints Ltd (KNPL) has announced the appointment of Anuj Jain as the managing director, effective from 1 April. Jain succeeds H M Bharuka, who will be superannuating on 31 March.

    Jain joined KNPL in 1990 as a management trainee. In his tenure of over 30 years at the company, he has worked in various capacities across various functions and brings a wealth of experience. He has been on the board of KNPL in the capacity of executive director since 2018. 

    “I am deeply grateful to the board and Kansai Paints, Japan for giving me an opportunity to not just be a part but lead this esteemed organisation,” said Anuj Jain. “I look forward to continuing the rich history of this company and build on the legacy of Mr Bharuka to take the company to greater heights.

    Bharuka joined KNPL in 1985, becoming its managing director in April 2001. He featured amongst India’s Top 50 CEOs and was awarded a lifetime achievement award by the Indian Chemical Industry. He served as the first non-Japanese director on the board of Kansai Paints, Japan. He is also credited for leading KNPL’s expansion into the Indian subcontinent.

    “Bharuka was known for his visionary and bold leadership style which led to many firsts in the Indian paint industry. Under his leadership, KNPL won numerous accolades in a variety of areas notably the Golden Peacock Award for Corporate Governance, Best Managed Company by Business Today, Great Place to Work by GPTW and recognition as an ESG leader in India by CRISIL,” said the company in a statement. 

  • Manish Kapoor named as Pepe Jeans India MD & CEO

    Manish Kapoor named as Pepe Jeans India MD & CEO

    Mumbai: Denim retailer Pepe Jeans London has promoted Manish Kapoor as managing director in continuation of his current role of chief executive officer, India. 

    According to a statement, India is one of the most crucial markets for Pepe Jeans and Kapoor will be instrumental in growing the existing businesses aligned with the broader global strategy.

    Kapoor joined Pepe Jeans India in 2014 and was promoted to the role of sales director within a span of two years. Owing to his strategic contribution towards the growth of the brand in the Indian market, he was elevated to chief business officer in April 2019 and subsequently appointed as CEO in September 2019.  

    “Under Kapoor’s leadership, Pepe Jeans India strengthened its balance sheet position by strategic reduction of inventory and debtors along with substantial reduction of debt. His effective leadership has enabled the company to successfully generate free operating cash during this difficult period,” said the brand in a statement. “E-com contribution for the brand accelerated from 8 per cent in 2019 to 28 per cent this fiscal year, reflecting the benefit of leveraging omnichannel initiatives,” it added.

    In 2021, Kapoor was recognised as The Economic Times Inspiring CEO for his efforts in helping steer Pepe Jeans to great heights even during unprecedented times of the Covid 19 aftermath. In the same year, he was also acknowledged for his efforts towards sustaining a high-trust high-performance culture by Great Place to Work – India’s best Leaders in Times of Crisis 2021.

    “I am delighted to lead Pepe Jeans India into the next phase of growth and continue on the digital and consumer-focused transformation journey that we started 18 months ago,” said Manish Kapoor on his appointment.

    Kapoor is a strategist and implementer with demonstrated abilities in accomplishing business growth on a consistent basis. He has previously held key leadership roles in brands such as French Connection, Sisley, Benetton India, Pantaloons and Madura Garments to name a few.

    He acquired a B-tech degree from the Technological Institute of Textiles and Science in 2000 and further continued to pursue a diploma degree in apparel marketing and merchandising management from NIFT in 2002. He was awarded the gold medal for academic excellence at NIFT and was an all-India topper in his PGDAMMM course across all NIFT centers.

  • V-Mart Retail appoints Aakash Moondhra as chairman

    V-Mart Retail appoints Aakash Moondhra as chairman

    Mumbai: Retail store chain V-Mart Retail Ltd has announced the appointment of Aakash Moondhra as chairman of the company. The company also announced a strategic change in its leadership structure, with the role of chairman and managing director now being split and Moondhra (independent director) being designated as chairman, while Lalit Agarwal would continue in his role as managing director.

    Moondhra is PayU’s global CFO and continues to remain an independent director on the board of VMart. “I am thankful to the Board for posing the confidence in me and I will try my best to contribute in making VMart an even better organisation than it already is and I look forward to this exciting journey together with the fellow board members,” Moondhra said on his appointment. “The purpose behind this role separation is not merely with related compliance; rather, it is to ensure an even better and balanced governance structure and effective guidance to the management.”

    Founded in 2002, V-Mart is an omnichannel retail store chain offering fashion apparel, footwear, home furnishings, general merchandise, and Kirana. Primarily focusing on tier 2 and 3 cities, V-Mart is present pan-India with 368 stores in 26 states, the company follows the concept of ‘value retailing’ for the affordable fashion of the rapidly-expanding middle class, stated the brand.

    “The appointment of Aakash as the chairman will herald a new era of corporate governance in the company,” said Lalit Agarwal. “Aakash has been a torchbearer of ethics and governance and this indeed is a big change for a so far promoter-led company which is now embarking on its new charter of growth, ably supported by a deep-rooted professional and independent governance culture.”

    “In the long run, this diversion of roles would surely benefit all stakeholders in our value chain. It is a key to promote overall Board independence while enabling me to focus even more deeply on driving company growth, value creation for all our shareholders, and day-to-day company management,” he further said.

  • BC Patnaik takes charge as MD of LIC

    BC Patnaik takes charge as MD of LIC

    Mumbai: Life Insurance Corp (LIC) of India on Friday elevated BC Patnaik to the rank of managing director. He was appointed as managing director vide government of India notification on 5 July, LIC said in a statement.

    Patnaik joined LIC of India in March 1986 as a direct recruit officer. In a career span of over three decades in the organisation, Patnaik has occupied important positions and made his mark in the areas of marketing, new business, personnel, pension and group savings, and customer relationship management. 

    He has served as regional manager (marketing), western zonal office covering states of Maharashtra, Gujarat, and Goa. He also worked as regional manager (CRM), North Central zone and regional manager (Bancassurance) in the Eastern zone. He was senior divisional manager in charge of the Jamshedpur and Berhampur divisions of LIC of India.

    Prior to this role, Patnaik was Council for Insurance Ombudsmen (CIO) Mumbai’s secretary-general. Before joining CIO, he was director at Zonal Training Centre, North Central Zone, Agra.

  • Tae-Jin Park named MD and CEO of Kia India

    Tae-Jin Park named MD and CEO of Kia India

    Mumbai: Kia India on Friday announced that its executive director and chief sales and business strategy officer Tae-Jin Park will assume the role of Kia India managing director and chief executive officer, with effect from 4 October. Park will succeed Kookhyun Shim who played a crucial role in introducing the Kia brand in India, it said.

    In his new role, Park will be responsible for the company’s growth and market expansion in the country. He will lead the India operations and directly oversee the entire manufacturing, product strategy and development, business planning, and sales. He has been associated with Kia India since January 2020. “It is my honour and absolute privilege to lead India operations and take the Kia story in the country forward, building upon the strong foundation laid by Shim,” Park said.

    In his illustrious career spanning over three decades, Park has gained immense knowledge of global business environment and his expertise lies in penetrating new markets. He said India is a strategic market for Kia and has the potential to foster growth for the brand globally. “In our short journey in India so far, we have achieved many milestones and these achievements are a testament to our commitment to bringing a revolution in the auto industry by making a difference across the entire auto ecosystem,” he added.

    Prior to his association with Kia India, he served at the headquarters of Kia Corp as head of operations for the Middle East, Africa, and Asia based in Seoul, South Korea. He has also served at Kia Mexico as chief sales officer. He has been associated with Kia Corp since 1987.

    “Our ambitious targets will not only challenge us but will also help us establish India as an important sales, production, and research & development hub for Kia,” Park said.

  • Ford India MD Anurag Mehrotra to step down by month-end

    Ford India MD Anurag Mehrotra to step down by month-end

    Mumbai: American auto major Ford has announced a change at the helm of affairs in India, weeks after declaring the stoppage of local manufacturing in the country. The company informed that Ford India president and managing director Anurag Mehrotra has put in his papers and will step down from his post by the end of September.

    Balasundaram Radhakrishnan (Bala), currently Ford India Pvt Ltd (FIPL) director – manufacturing, will take charge as transformation officer, stated the company.

    Bala has more than three decades of automotive experience and comprehensive knowledge and understanding of the Ford Production System. Under his leadership, the company’s Chennai plant witnessed 40 engine and 10 vehicle launches.

    “Bala will oversee and drive the transformation efforts associated with the restructuring,” said the FIPL spokesperson, adding that the company was committed to supporting customers and partners in India.

    After almost three decades of its operations in the Indian market, Ford Motor Company on 9 September announced shutting down passenger vehicle manufacturing operations at its two plants in the country. Moving forward, Ford India will focus on the sale of imported vehicles only.

  • Shubhra Kakkar named MD of Media Marketing Compliance

    Shubhra Kakkar named MD of Media Marketing Compliance

    Mumbai: Media Marketing Compliance (MMC), the independent marketing compliance consultancy, has appointed Shubhra Kakkar as managing director. She will be launching the company’s office in India, based here.

    Kakkar has over 18 years of experience in marketing audit advisory and integrated marketing communications. She has an in-depth understanding of agency advertiser dynamics, contractual challenges and marketing procurement across India and South Asian markets.

    In her previous role as FirmDecisions VP of marcomms, she led media and creative agency audit & advisory projects. Before working in auditing, she held roles at Edelman India and The PRactice – Porter Novelli, advising Hewlett Packard, LinkedIn, and Tata Consultancy Services.

    Commenting on the appointment, MMC CEO Stephen Broderick said, “We continue to receive demand from global clients to include India in its audit programs. It has increasingly become a key market, boasting year on year growth in marketing spend for some time, but it is one with complex practices and a need for greater transparency.”

    “Shubhra and I have worked together previously, and I am delighted she is joining us to launch a permanent office in India. It will help us sustain existing client relationships in that market, build new ones, and work closely with organisations such as the Indian Society of Advertisers,” he added.

    Talking about her new role, Kakkar said, “Earlier this year, both Dentsu and Magna predicted that ad spend in India is set to grow faster than any other global region in 2021/22. It is a crucial time for our clients to ensure that this investment is properly managed, and we want to become known for bringing transparency to a fascinating, rapidly developing market. I am pleased to be joining MMC and its growing global team.”

  • Optimise Media India elevates Shaan Raza as CEO

    Optimise Media India elevates Shaan Raza as CEO

    Mumbai: Optimise Media India, a performance marketing solutions provider has elevated deputy managing director Shaan Raza to the position of CEO of the company. Raza has taken over from managing director and founding CEO, LD Sharma, who will remain as managing director and will play a leadership role in taking performance marketing to the next level in India, said the company on Tuesday.

    In her new role, Raza will be overseeing the expansion of Optimise India operations, building new partnerships, enlarging product portfolio, onboarding of new clients, shoring up headcount, and therefore further cement the company’s position as a leading performance marketing solutions brand in India and beyond.

    “Shaan has been a phenomenal asset to Optimise India for almost a decade. A digital native, over the years, She has developed an intuitive knack and understanding of how the digital business landscape operates and has even been a pioneer of sorts in many respects,” said Optimise Media, India Managing Director, LD Sharma. “She has played a key role in bringing forth the concept of performance marketing as a niche component of digital marketing toolkit to Indian businesses grappling with digital transitions. Because of her vision and insights, she has become one of the most sought-after performance marketing professionals in the industry.”

    “I have been highly impressed by Shaan’s contribution and achievements in taking the idea of performance and affiliate marketing to new levels among Indian businesses and enterprises,” said Optimise Media Group, group chairman, Richard Syme. “This has been fairly evident from Optimise Media’s own remarkable progress in the Indian market. As an emerging digital economy that India is, besides the obvious opportunities, I would also appreciate the challenges and hurdles that Shaan and others may have faced while exploring new business opportunities there.”

    “In the short period that I have worked with her, Shaan has come across as a thorough professional who plans and thinks through every possible move and step with all probabilistic scenarios that she would need to accomplish a certain goal,” said Optimise Media, COO – India Operations, Nitin Sabharwal. “While she is a hands-on team player herself, she also has this innate talent for putting together highly motivated teams whose members swear by her leadership. At the same time, her power of networking is unmatched. I have no doubt that the new role would further galvanise her into working even harder and bring more revenue and growth to Optimise Media, India.”

  • Eicher Motors reappoints Siddhartha Lal as MD

    Eicher Motors reappoints Siddhartha Lal as MD

    Mumbai: The board of Eicher Motors Ltd (EML) on Monday decided to re-appoint Siddhartha Lal as managing director, with effect from 1 May.

    Earlier on 17 August, the shareholders, at the company’s 39th Annual General Meeting (AGM) had rejected the proposal for the re-appointment of Lal as MD. The shareholders had also rejected the payment of remuneration to Lal.
    “The matter pertaining to the appointment of Siddhartha Lal as managing director and the remuneration proposal was discussed comprehensively, and the board unanimously decided to reappoint Siddhartha Lal as Managing Director, with effect from May 1, 2021,” the company said in a regulatory filing. 

    Speaking about the outcome of the AGM and specifically about the remuneration issue, EML chairman, S Sandilya said, “The Nomination and Remuneration Committee (NRC) of the company has considered all the factors, including inputs from various stakeholders including institutional investors before recommending remuneration for key managerial persons. The primary concern with investors was not Siddhartha’s reappointment as managing director or the proposed compensation; it was the lack of clarity regarding the enabling provision that potentially allowed payment of remuneration upto 3 per cent of profits.”

    “Over the last four years, we have had the same limit of 3 per cent, but in reality have paid only a fraction of that amount. The actual remuneration during FY2021 was at 1.04 per cent of profits, with the preceding years being at a lower percentage,” Sandilya added.

    Given the background of actual remuneration paid to the managing director in preceding years, the board has now approved a revised remuneration structure for the managing director, with a maximum cap of 1.5 per cent of profits as per Section 198 of the Companies Act, the company further stated.