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Crompton Greaves Plummets 14%, Hits New 52-Week Low on CEO Resignation

Published 25-04-2023, 04:29 pm

By Malvika Gurung

Investing.com -- Shares of the electrical equipment manufacturer Crompton Greaves (NS:CGPO) Consumer Electricals (NS:CROP) plummeted 14.2% in Tuesday’s intraday trade and recorded a new 52-week low of Rs 252.35 apiece, following the surprise resignation of the company’s CEO and Director Mathew Job.

Crompton Greaves announced the realignment of executive leadership on Monday, following which its shares tumbled on April 25, 2023.

The company’s CEO and Executive Director, Mathew Job resigned from his position to pursue other career interests. He will step down as the Executive Director of Crompton Greaves on April 24, 2023, and will terminate his role as the CEO from the close of business hours on April 30, 2023.

The mid-cap company’s Board has appointed Promeet Ghosh as Crompton Greaves’ new Managing Director & CEO, starting May 1, 2023. 

In his three-month notice period, Job will work closely with the new MD Promeet Ghosh for ensuring a smooth transition. 

Promeet Ghosh has been on Crompton Greaves Consumer Electricals’ Board since 2016 and has a vast experience of over 30 years. He has also served as the deputy head of Temasek India, and during his tenure, Temasek’s direct India exposure grew significantly.

Further, Crompton Greaves’ Board of Directors has appointed and elevated Shantanu Khosla as the Executive Vice Chairman on the Board for a one-year period from May 1, 2023, to April 30, 2024, and thereafter he shall assume the position of Non-Executive Vice Chairman till December 31, 2025.

Khosla will relinquish his position as Crompton Greaves’ Managing Director, starting the closing hours of April 30, 2023. 

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