Crompton Announces New Board Appointments
Wednesday, 18 October 2023
· As Mr. Hemant Nerurkar is superannuating, Crompton announces the appointment of Mr. D Sundaram as Chairman of the Board.
· Further, Crompton has inducted Mr. Anil Chaudhry and Mr. Sanjiv Kakkar as Additional Directors
Mr. Hemant Nerurkar, Chairman of the Board is retiring on October 20, 2023 upon the expiry of his second term. The Board of Directors at its meeting held on October 17, 2023, decided to appoint Mr. Sundaram as Chairman succeeding Mr. Nerurkar. Mr. Sundaram has been on the Board of the Company since 2015 and has served as the Chairman of the Audit Committee and Risk Management Committee since inception. The Board acknowledged the extensive contribution of Mr. Nerurkar in helping shape Crompton Greaves Electricals.
The Board also inducted two noted industry veterans, Mr. Anil Chaudhry and Mr. Sanjiv Kakkar, formerly with Schneider Electric and Unilever respectively, as Non-Executive Independent Directors, with effect from October 17, 2023, for a first term of five years. This is subject to the approval of the shareholders.
*Brief Profiles: *
Mr. Sundaram has been serving as a Non-Executive & Independent Director at Crompton since 2015. With over 34 years of invaluable experience at one of the country's top FMCG companies - Hindustan Unilever Limited, he brings a wealth of knowledge and expertise to the organization. He currently holds the position of Non-Executive Vice Chairman at TVS Capital Funds Ltd. He also currently serves as an independent director on the boards of Infosys, GSK Pharma India and Schneider Electric. Mr. Sundaram's outstanding contributions has also earned him prestigious accolades, including the "*CFO of the Year for FMCG Sector*" award by CNBC TV18 in 2006 and 2008. In addition, he was honored as the "*Best Independent Director in 2019*" by the Asian Centre for Corporate Governance and Sustainability in December 2020.
Mr. Anil Chaudhry is the former CEO & Managing Director of Schneider Electric India Pvt. Ltd ("SEIPL") and President of Schneider's India Business. Schneider Electric is a global leader in digital automation and energy management. Mr. Chaudhry was instrumental in the acquisition of L&T Electrical & Automation Division by SEIPL making the combined entity as India's largest Low Voltage Switchgear company. With over 40 years of global leadership experience in management, operations, sales, strategy, and business development, he has a strong commitment to energy efficiency, sustainability, climate change, access to energy, and skill development. Mr. Chaudhry is dedicated to implementing innovative techniques to provide top-tier solutions and services to customers. He is also a passionate advocate for diversity and inclusion, championing related initiatives throughout his career.
Mr. Sanjiv Kakkar, former Executive Vice President of Unilever, heading North Africa, Middle East, Russia, Ukraine, Turkey and the Central Asia Region. He is a distinguished leader with 38 years of experience. Sanjiv's career began in India with Sales and Marketing assignments and he joined the Board of Hindustan Unilever Ltd., India, as Executive Director - Foods, followed by Executive Director - Customer Development. He thereafter moved on to head Unilever's business for Russia, Ukraine and Belarus followed by regional assignments as EVP - Unilever. He has transformed one of Unilevers largest clusters into one of its fastest-growing and most profitable regions. He was the Founder Chairman of the Advertising Business Group, Middle East, Dubai, and a Board Member for the International Chamber of Commerce, Dubai, nominated by the Ruler of Dubai. Moreover, Forbes recognized him as the top Indian business leader in the Middle East in 2018. Currently, Mr. Sanjiv Kakkar runs an Advisory Service to help founders and CEOs to unlock their business potential.
*Promeet Ghosh, Managing Director & CEO, Crompton Greaves Consumer Electricals* Ltd. said, "I would like to extend heartfelt gratitude to Mr. Hemant Nerurkar, Chairman, for his immense contributions on the Board. He has been instrumental not only in providing strategic direction but also in moulding Crompton into a Board led & professionally managed Company. I am thrilled with Mr. Sundaram succeeding Mr. Nerurkar as the Chairman of the Board. He has played a pivotal role on the Board of the Company since inception. I am also excited to welcome our two new Directors, Mr. Anil Chaudhry and Mr. Sanjiv Kakkar, to the Crompton family. Their wealth of experience and exceptional track records in industry will add tremendous value to our organization."
*About Crompton*
With a brand legacy of 80+ years, Crompton Greaves Consumer Electricals Ltd. is India's market leader in the category of fans and residential pumps. Over the years, the organization has continuously strived to produce a range of innovative products that cater to the modern consumer including superior quality and high-performance water heaters, anti-dust fans, antibacterial LED bulbs and a range of other categories like air coolers, food processors like mixer grinders, electric kettles and garment care like irons. The company has further invested in brand and innovation to not only better understand and meet consumer needs, but to also help drive energy efficiency. The consumer business also has a well-established and organized distribution network driven by a strong dealer base across the country offering a wide service network and robust after sales service to its customers.
Having consistently worked towards the development of energy efficient products, the company bagged two prestigious National Energy Consumer Awards (NECA) for the Most Energy Efficient Appliances of the Year 2019 organized by the Bureau of Energy efficiency (BEE), Ministry of Power - one for Ceiling Fans for its HS plus model and the other one in the LED Bulb category for its 9-Watt LED bulb. The company has also been featured in Brand Top 75 most valuable Indian brands list for 2020 released by WPP and Kantar. Furthermore, Crompton was also recognized as the Brand of the Decade 2021 by Herald Global and BARC Asia in the Consumer Electrical category.
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